No Result
View All Result
Monday, June 16, 2025
23 °c
Tripoli
24 ° Sat
24 ° Sun
  • Advertising
  • Contact
LibyaHerald
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Business

Uganda returns Tropical Bank to Libyan control

byMichel Cousins
March 11, 2012
Reading Time: 2 mins read
A A

Kampala, March 6:
by Mark Keith Muhumuza, Kampala.

Uganda’s Tropical Bank was today, Tuesday, officially returned by Uganda’s central bank, the Bank of . . .[restrict]Uganda, to the Libyan Foreign Bank.

“Bank of Uganda is glad to announce the return of Tropical Bank to the majority shareholder, the Libyan Foreign Bank,” said Emmanuel Tumusiime-Mutebile, Governor of the Bank of Uganda.  “The interim board and senior management team, which were appointed by Bank of Uganda on 25th March 2011, have today been relieved of their responsibilities,” he added.

On 25 March, 2011 the Bank of Uganda took over the operation of Tropical Bank following UN Security Council Resolutions 1970 and 1973 which required a freeze on assets owned by the Libyan government and associated bodies.

Mutebile pointed out that measures to take over the operations of the Libyan-owned bank had been to “make sure that it continued to operate normally as a commercial bank”.

RELATED POSTS

Nearly 1 million crimes reported to police stations – confirms urgent need to dissolve all parallel security agencies / militias

Libyan Advisory Committee calls on Libyan stakeholders to work with UNSMIL to build unified, sovereign, and democratic Libya 

The move was prompted by the UN resolution on 16 December ending sanctions on Libyan assets. The National Transitional Council is also fully recognised by the Uganda government, thus enabling the unfreezing of various Libyan assets in the country.

The bank was first established in 1973 as the Libyan Arab Ugandan bank for Foreign Trade & Development. The name was changed to Tropical Africa Bank in 1994, and in 2006 to Tropical Bank. It is 99.7 percent owned by the Libyan Foreign Bank.

The Bank of Uganda also carried out an audit of Tropical Bank from the period 25 March 2011 to 30 January 2012 with the aim of establishing its financial status before returning it to the Libyan Foreign Bank.

“The Bank of Uganda assures the public that Tropical Bank is in sound financial condition and is well positioned to continue its operations normally,” Mutebile stated.

The chairman of the board of directors of Tropical Bank, Gerald Ssendaula, congratulated the interim management team for keeping the bank running and profitable.

The Bank’s reinstated managing director, Osama El-Sarraj, said he was relieved to be back and applauded Bank of Uganda for its role in keeping the bank operational.

“We are ready to move forward according to our shareholders who have also proposed to increase the bank’s share capital,” said El-Sarraj.

Tropical Bank is the 11th largest bank in Uganda with an asset base of Ugx250bn ($100.9m) and eleven branches in the country. The Uganda Government has 0.3 percent ownership in Tropical Bank.

Other Libyan assets in Uganda include Uganda Telecom (69-percent Libyan owned), National Housing and Construction (49 percent), Tamoil East Africa, Oil Libya and Laico Lake Victoria Hotel.

  [/restrict]

Related Posts

Sirte Free Zone meets Oman Chamber of Commerce at Oman Agrofood 2024
Business

Sirte Free Zone discusses port development and infrastructure projects with China Harbor‎ Engineering Company

June 16, 2025
LBBC leads delegation to Tripoli of 30 business representatives
Business

Libya Energy Conference, London, 2 July

June 16, 2025
CBL receives results from meetings with international banks
Business

CBL Governor Issa launches transformational financial projects, including National Strategy for Financial Inclusion

June 16, 2025
CBL and Madar launch Sadad mobile e-payment service
Business

Electronic Payment Forum and Exhibition 2025 opens at Tripoli Fairgrounds

June 15, 2025
Preparatory Committee for 30th session of the Libyan-Italian Economic Forum holds second meeting
Business

Libyan Italian Forum for Development and Reconstruction to be held in Benghazi from 25 to 26 June

June 15, 2025
CBL reduces annual hard currency transfer limit for individuals
Business

Libya’s economic reality: limited resources, liquidity challenges, inflation, and need for monetary base restructuring – Husni Bey

June 15, 2025
Next Post

New Jordanian hospital planned in Tripoli

Kids Fun Day in Tripoli

ADVERTISEMENT

Top Stories

  • Signboards for Benghazi’s new airport at Tika go up – UAE’s Global Builders/Terminals company to implement

    Construction work progressing at Benghazi’s new Tika airport

    0 shares
    Share 0 Tweet 0
  • Calm returns after overnight Tripoli militia clashes – Defence Ministry says it has enforced control, warns of readiness to take measures to ensure security

    0 shares
    Share 0 Tweet 0
  • All recently clashing state and militia forces and their military vehicles will return to their barracks as of yesterday evening

    0 shares
    Share 0 Tweet 0
  • Boursa FinTech’s virtual Trading and Investment Competition winners announced

    0 shares
    Share 0 Tweet 0
  • UNSMIL condemns militia and government security forces clashes

    0 shares
    Share 0 Tweet 0
ADVERTISEMENT
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

Nearly 1 million crimes reported to police stations – confirms urgent need to dissolve all parallel security agencies / militias

Libyan Advisory Committee calls on Libyan stakeholders to work with UNSMIL to build unified, sovereign, and democratic Libya 

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Fill the forms below to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    No Result
    View All Result
    • Login
    • Sign Up
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.