BoU denies taking over bank of India

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Bank of Uganda has denied reports claiming that it suspended the management of Bank of India and took it over.

The reports on social media had suggested BoU ordered Bank of India to cease its operation in Uganda for reportedly being under-capitalised.

Bank of India (U) Ltd parent company in India reportedly requested Bank of Uganda to close the Ugandan branch by March 31 due to restructuring, recapitalisation and in order to improve on return on assets in Bank of India.

An alleged meeting took place on Monday chaired by BoU deputy governor Louis Kasekende to liquidate the bank.

In a statement on Tuesday, the central bank said the bank of India was “safe and sound”.

It said there was no such meeting as reported to liquidate or take over the bank.

BoU said the bank of India was operating normally and profitably fulfilling its regulatory requirements.

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