CAIRO BANK OPENS BRANCH IN MBARARA DESPITE UGANDA’S ECONOMIC WOOS

By Our Reporter

in Mbarara

Governor Tumisiime Emmanuel Mutebile has said that the Central Bank will enforce stringent prudential requirements to all commercial financial institutions so as to safe guard depositor’s funds in the country.

Speaking during the opening of Cairo Bank branch in Mbarara, the Governor said the recent takeover of Crane bank by Bank of Uganda is an illustration of such a commitment but hastened to add that the bank is now operating normally.

Last month Bank of Uganda took over the management of Crane bank after it was declared significantly undercapitalized institution hence posing a systemic risk to the stability of the financial system.

Tumusime Mutebile however said Cairo Bank has over the years made valuable contribution towards the growth of Uganda’s financial sector and assured depositors that the bank is safe and sound because it is closely monitored and supervised by the Central Bank.

He urged farmers and traders in the country to take advantage of the services offered by the bank to improve their businesses and livelihoods as well.

The Governor also commissioned the re-branding of the bank to International Cairo Bank so as to improve service provision for both internal and external customers.