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How Equity Bank transformed a small Ugandan UGX59bn microfinance institution into a UGX1.3 trillion bank
Two major mergers and
acquisitions in the Ugandan financial sector made headlines in 2008.
One was the $25.3 million
acquisition of Uganda Microfinance Limited (UML) by Kenya’s Equity Bank and the
other was the acquisition and rebranding of Commercial Micro Finance Ltd (CMF),
at an undisclosed sum, by Global Trust Bank, a newly licensed bank in Uganda,
majority owned by Nigeria’s largest i
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