FinanceThe Big Story

Absa Bank Uganda’s assets reach UGX3.4 trillion; moves from fifth to third-largest bank

by Muhereza Kyamutetera
L-R: Steven Opio, Executive Director – Corporate and Investment Banking, Nazim Mahmood, Former Managing Director, Nadine Byarugaba, Acting Board Chair, Marie Jamieson, Absa Group Head of Marketing and Communications and Michael Segwaya, Executive Director and Chief Finance Officer at the Absa Bank Uganda Head Office on Hannington Road last year following the receipt of a license to trade and operate from Bank of Uganda.
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Absa Bank Uganda’s total assets in 2019 grew by 22.5% from UGX2.8 trillion to a record UGX3.4 trillion. This effectively makes Absa, Uganda’s third largest bank by assets, two places up from the fifth position in 2018- overtaking Standard Chartered Bank and dfcu Bank. Absa is now, one of four, out of Uganda’s 26 licensed banks to cross the rubicon. The only other three banks in with over

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About the Author

Muhereza Kyamutetera is the Executive Editor of CEO East Africa Magazine. I am a travel enthusiast and the Experiences & Destinations Marketing Manager at EDXTravel. Extremely Ugandaholic. Ask me about #1000Reasons2ExploreUganda and how to Take Your Place In The African Sun.