Sunday, May 3, 2009

Uganda: Bank PHB Moves Into Uganda

Nigeria-based Bank PHB has acquired a majority stake in Orient Bank of Uganda, Daily Trust reports.

Francis Atuche, group managing director of Bank PHB said the deal is a strategic decision by Orient Bank to increase its market share and its ability to meet the needs of its customers.

According to Atuche, Uganda is the first East African country into which Bank PHB has invested. Outside Nigeria, the bank already has a footprint in the West African countries of Gambia, Sierra Leone and Liberia.

Michael Cook, chairman of Orient Bank said that Bank PHB's decision to start with Uganda for its expansion into East Africa is a vote of confidence in the Ugandan economy and its potential.