{UAH} Bank Of Uganda takes over operations of Imperial Bank - Business
|
9:22 AM |
No comments |
The Central Bank has taken over management of Imperial Bank Uganda, saying the move is a precautionary measure that seeks to protect customer savings.
The takeover follows similar events in Kenya where the Central bank of Kenya placed the operations of the Imperial Bank Kenya under receivership for what the regulator termed as unsafe banking conditions.
In a statement issued on Tuesday, Bank of Uganda said: "Under Section 88 and 89 of the FIA 2004, the BoU has today, (Tuesday October 13, 2015), taken over management of Imperial Bank Uganda Ltd."
"The decision has been taken following the suspension by the Central Bank of Kenya of the operations of Imperial Bank Ltd, who are the majority shareholder of Imperial Bank Uganda Ltd," the statement added.
The development means that Imperial Bank operations will continue and their services to customers will flow as required but only under the direct control of the Central Bank.
0 comments:
Post a Comment