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I&M Bank Uganda has in collaboration with Bank One, a Mauritius-based bank, launched a world-class offshore banking solution, that allows its clients to have an array of international banking, investment and financial advisory services.
Bank One, is a subsidiary bank of the I&M Group Plc and a sister bank to I&M Bank Uganda.
An offshore, or overseas, bank account is one held by a client outside their country of residence. It allows the client to make and receive payments internationally, hold money and set up savings and investment accounts in multiple currencies. At its basic, off-shore banking allows clients access to banking solutions that are not available in their home country.
Speaking at the launch at Kingdom Kampala Branch, the Ag. Managing Director/CEO, Sam Ntulume, said the product would ease the life of their clients allowing them to get the most out of their money.
“With this new service, I&M Bank Uganda customers will be able to manage financial commitments across multiple countries and regions and also own bank accounts outside their countries of residence. Thanks to a robust IT and online banking infrastructure clients will have access to and visibility of their funds online, anywhere in the world,” said Mr. Ntulume.
“I&M Bank boasts of a huge corporate clientele base and with our Corporate Centre branch at Kingdom Kampala, we thought it best to collaborate with our sister company, Bank One, to bring world-class offshore banking services to serve our high net-worth customers,” he added.
Annette Nakiyaga, the Head of Marketing & Corporate Communications added that offshore banking appeals to people who reside overseas, international expatriates, people that get paid in foreign currency, those who have family members abroad and people that invest internationally.
“With offshore banking now available, our clients will enjoy multiple benefits like the ability to receive payment for work done outside Uganda, make international payments, access international funds and, most importantly be able to diversify assets and hedge against the volatile Ugandan shilling,” said Nakiyaga.
The requirement for one to be able to open an offshore bank account with I&M Bank Uganda is a minimum of $5,000 deposit once an account is opened including a balance build-up period of up to 12 months (to reach $50,000 as deposits or in investment).
Some of the benefits of I&M Bank Uganda’s offshore banking offering include seamless digital banking, a dedicated relationship manager, access to an exceptional range of international investment opportunities, a range of tailored lending solutions in multiple foreign currencies for unique international needs and foreign currency credit cards with loyalty benefits.
About Bank One
Headquartered in Port Louis, Mauritius, Bank One is a top-tier, award-winning banking institution incorporated in 2008 following a joint venture between I&M Group PLC and Mauritian conglomerate CIEL Ltd. The bank plays an active role in supporting businesses in sub-Saharan Africa and has deep development finance institution relationships and long-term funding lines with the German Investment Corporation (DEG), the International Finance Corporation (IFC) and the French Development Agency (Proparco). Bank One is rated ‘BB-‘ with a Stable Outlook by Fitch Ratings and in 2021 was voted Best Custodian Bank (Indian Ocean) by CFI.co and Best Mass Affluent Banking Offering by The Digital Banker.