United Bank for Africa licenced to start operations in Uganda.

united_bank_for_africa_1.jpgUNITED Bank for Africa, the latest bank to be registered in Uganda, opens in June with seven braches in Kampala and upcountry towns.
Mr Manz Denga, the managing director, said the bank, which has invested $12 million (about Shs20.5 billion), will provide employment to over 150 Ugandans.

More than 70 of them already undergoing training at Hotel Africana in Kampala. "We have deposited $12 million with the Bank of Uganda," he said.
united_bank_for_africa_2.jpg "This money is for opening the first seven branches and marketing UBA products."

It has its headquarters at Spear House (former Nile Bank) and hopes to open other branches on Wilson Rd, at Ntinda or Wandegeya in Kampala, Fort Portal, Mbarara, Jinja and Mbale.

The bank has presence in New York, London Dubai, Paris and seven West African countries. The entry of the bank along with KCB Bank from Kenya  in the past six months, will only add to the   the stiff competion in an industry that already has more than  15  players.

However, Bank of Uganda officials and industry analysts say  the new  competitors are  welcome  and neccessary as they are  widely expected to lead to the lowering of banking charges, which are some of the heighest in the region.