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Tropical Bank of Uganda

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Following our report of Tropical Bank of Uganda on 30 April has asked that the following clarification be published:

PRESS STATEMENT

 

Tropical Bank Limited (Libyan Bank in Uganda) – Bank of Uganda Played a Positive Role

 

Tropical Bank Limited wishes to correct the wrong impressions created by the article ‘Libyan Bank in Uganda takes financial hit’  following a telephone interview with me that appeared in the Libya Herald of April 30, 2012.

I have taken time to cross-check the contents of the said News article and found them to be factually untrue. It is with a lot of regret that I apologise to Bank of Uganda and hereby set the record straight in this advertorial.

I wish to categorically state that the Central Bank of Uganda (BOU) did not cause any losses to Tropical Bank during the intervention to implement UN Sanctions against Libyan entities.  While it is true that, due to uncertainty, the bank experienced loss of a number of customer deposits in first 4 months of the sanctions, assurances by BOU and a number of Key Loyal Customer helped to calm down the customers which led to the reversal of deposits drift and survival of the bank. I have established from records that there was in fact a 15.9% increase in deposit accounts at the time of handover in March, 2012 while deposits reduced from Uganda Shillings 95 Billion in February 2011 to Uganda Shillings 92.9 Billion in February 2012.

The staff numbers increased from 169 to 178 and not 160 to 190; while the net increase of staff salaries was 33% and not 50% as earlier reported. The reported financial loss of Uganda Shillings 0.624 Billion or US$ 250,000 for 2011 arose out of the write-off of Non-Performing loans that had accumulated over prior years.

I reaffirm that Management will uphold the decisions taken during the interim period and continue to strive for innovative measures to promote and safeguard various stakeholders’ interests. In this regard, the Bank continues to take advantage of the support of Bank of Uganda and its customers as well as the commitment of staff to improve its performance. The interim results indicate that as at 31st August, 2012 deposits were at Uganda Shillings 109.9 Billion, advances at Uganda Shillings 115.55 Billion and profit after tax at Uganda Shillings 2.58 Billion.

Osama Rami Serrag

MANAGING DIRECTOR

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