Bank of India expands in Uganda

Jul 03, 2012

The Bank of India is expanding its presence in Uganda by opening a new establishment in Kampala.

The Bank of India is expanding its presence in Uganda by opening a new establishment in Kampala.

According to Pater Kabatsi, local chairman of the group, this will be particularly valuable for small and medium-sized enterprises (SMEs) in the African country, East African Business Week reports.

Indeed, he said growing its share in the Ugandan market will help to give them a competitive advantage.

Alok Misra, managing director and global chairman of the Bank of India, added that a strong banking institution will be able to fuel growth in the agriculture sector and open up more financial services to the "unbanked" people in the country.

This latest move means 25 commercial banks are now operating in Uganda, although this is the first time the Bank of India has had a presence in the nation since the early 1970s.

In 1972, Ugandan president and military dictator Idi Amin expelled the country's Indian population from the country.

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