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Global Trust Bank

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Global Trust Bank

Global Trust Bank
Type Private
Industry Financial Services
Founded 2008
Headquarters Kampala, Uganda
Key people Erisa Olwenyi
Acting Chairperson
Morenikeji Oludotun Adepoju
Managing Director[1]
Products Loans, Savings, Checking, Investments, Debit Cards, Credit Cards, Mortgages
Revenue DecreasePretax:US$743,400 (UGX:1.8 billion) (2011)
Total assets US$37.1 million (UGX:90 billion) (2011)
Employees 200 (2008)
Website Homepage

Global Trust Bank (Uganda) Limited (GTBU), commonly referred to as Global Trust Bank (GTBU), was a commercial bank in Uganda which started operations in 2008 and was closed down in 2014. Its headquarters were located in a five-storey building on Kampala Road in the center of Uganda’s capital, Kampala.[2] It was licensed as a commercial bank by Bank of Uganda, the central bank and national banking regulator.[3]

The bank was a small financial services provider in Uganda. As of December 2011, its total asset valuation was approximately US$35.1 million (UGX:85 billion), with shareholders' equity of about US$17.2 million (UGX:41.53 billion). Available reports indicate that the bank broke even in 2011 and began making profits in 2012.[4] Global Trust Bank was evaluating the introduction of Sharia banking in Uganda.[5]


As of May 2014, Global Trust Bank was 45.3% owned by Nigeria’s largest insurance company Industrial and General Insurance Company Plc. (IGI). The remaining 54.7% was owned by four corporate investors, each holding less than 5%, and by eight individual investors, each holding no more than 5% of the bank's issued and authorized share capital.[6]

Global Trust Bank Stock Ownership
Rank Name of Owner Percentage Ownership
1 Industrial and General Insurance Company (IGI) 45.3
2 Corporate Investors (4) Under 20.0
3 Individual Investors (8) Under 40.0
Total 100.0
  • Other than IGI, none of the other corporate and individual shareholders of the Bank held up to 5% of the issued and authorized share capital of the Bank.

Domestic Branches

As of May 2014, Global Trust Bank had a network of branches at the following locations:[7][8]

Operational branches
  1. Busia Branch - 1 Sofia Road, Customs Yard, Busia
  2. Butaleja Branch - Butaleja District Headquarters, Butaleja
  3. Bwaise Branch - 975-976 Sir Apollo Kaggwa Road, Bwaise, Kampala
  4. Entebbe Airport Branch - Entebbe International Airport, Entebbe
  5. Head Office - 2A Kampala Road, Kampala (Main Branch)
  6. Kibuku Branch - Kibuku District Headquarters, Kibuku
  7. Kikuubo Branch - 1st Floor Nabugabo Business Centre, Kampala
  8. Malaba Branch - Malaba Customs Building, Malaba
  9. Mbarara Branch - 4 Bulemba Road, Mbarara
  10. Mbale Branch - 1-3 Manafwa Road, Mbale
  11. Mukono Branch - 36 Jinja Road, Mukono
  12. Mutukula Branch - Mutukula URA Building, Customs Bond, Mutukula
  13. Najjanankumbi Branch - 1032 Block 12 Entebbe Road, Najjanankumbi
  14. Nateete Branch - 757 Wakaliga, Nateete, Kampala
  15. Nkozi Branch - Uganda Martyrs University Campus, Nkozi
  16. Owino Branch - St. Balikuddembe Market, 19 Nakivubo Place, Kampala
  17. Paidha Branch - 21 Nebbi- Arua Road, Paidha
  18. Pallisa Branch - 8 Kasodo Road, Pallisa
  19. Rubirizi District - Rubirizi, Rubirizi District
  20. Serere Branch - Serere District Headquarters, Serere
  21. Tororo Branch - 11/9 Mbale Road, Tororo
Branches in development
  1. Amuria Branch - Amuria, Amuria District
  2. Gulu University Branch - Gulu University Campus, Gulu
  3. Kamwenge Branch - Kamwenge, Kamwenge District
  4. Kole Branch - Kole, Kole District
  5. Zombo Branch - Zombo, Zombo District

Regional Network

In January 2009, Global Trust Bank announced plans to expand operations into the neighboring countries of Burundi, Rwanda and South Sudan.[9] In November 2009, the bank announced that it would pivot its focus towards small and medium enterprises (SMEs), using Internet-based and mobile-phone platforms. A reduction in the number of branches was contemplated, but was not implemented.[10] In May 2011, the bank joined "Bankcom Network", a bank switch system that connects the ATMs of member banks. Global Trust Bank was the 8th Ugandan commercial bank to join the Bankcom switch.[11]

Bank Chief Executive

In December 2008, Richard Byarugaba, a Ugandan with over 25 years of banking experience became the first Managing Director of Global Trust Bank. Prior to that, Byarugaba worked in various capacities at Barclays Bank, Nile Bank Limited and Standard Chartered Bank. He was Chief Operations Officer at Barclays Bank immediately before joining Global Trust Bank. He had held several board positions at Standard Chartered Bank, Nile Bank, Hospice Africa, Palliative Care Association of Uganda and the Uganda Institute of Banking and Financial Services. He is also a past president of the Uganda Institute of Bankers.[12]

In August 2010, following the appointment of Richard Byarugaba as the Executive Director of the National Social Security Fund, Charles Ajaegbu, a native of Nigeria, with over 20 years of banking experience, was appointed Managing Director of the bank.[13] He holds degrees in Law and Business. Prior to that, he served as the Director of Business Development at Global Trust Bank.

As of May 2014, the Managing Director of GTBU was Morenikeji Oludotun Adepoju, a native Nigerian with over 22 years of banking experience in Anglophone and Francophone West Africa.


On Friday 25 July 2014, the Bank of Uganda, revoked the banking license of Global Trust Bank and closed down the institution with immediate effect. DFCU Bank acquired some of GTB's assets and liabilities, including customer deposits and loan accounts. Those assets DFCU Bank did not acquire are to be liquidated. Bank of Uganda cited two reasons for the closure. The first was lack of profitability. At the time of liquidation, GTB had accumulated losses totaling UGX:60 billion (US$24 million). The second was lack of "accuracy of the information provided to government".[14]


  • Headquarters of Global Trust Bank on Kampala Road

See also


  1. ^ "The Global Trust Bank Board of Directors". Global Trust Bank. Retrieved 3 May 2014. 
  2. ^ Odomel, James (9 November 2008). "Global Trust Bank Opens To Public".  
  3. ^ "List of Licensed Commercial Banks In Uganda At 2012".  
  4. ^ "Global Trust Bank Broke Even In 2011".  
  5. ^ Koyesiga, Flaviah (31 August 2011). "Global Trust Eyes Shari'ah". Retrieved 3 May 2014. 
  6. ^ "Ownership Information". Global Trust Bank. Retrieved 3 May 2014. 
  7. ^ "The Branch Network of Global Trust Bank". Global Trust Bank. Retrieved 3 May 2014. 
  8. ^ Businge, Julius (5 April 2013). "Uganda: Executive Style - Building a Global Bank Brand".  
  9. ^ Curtis, Lori (13 January 2009). "Microcapital Story: Uganda’s Global Trust Bank Plans Expansion Throughout East Africa". Retrieved 3 May 2014. 
  10. ^ Busuulwa, Bernard (23 November 2009). "Global Trust Now In Corporate Banking".  
  11. ^ Salamula, Pauline (27 May 2011). "Bankom Increases Its Membership To Eight Banks".  
  12. ^ Kajoba, Nicholas (7 December 2008). "Byarugaba Is Global Trust Bank's Managing Director".  
  13. ^ Kulabako, Faridah (18 August 2010). "Global Trust Bank Appoints New Boss".  
  14. ^ National, News (25 July 2014). "Global Trust Bank Shut Down".  

External sources

  • Global Trust Bank Website
  • Profile At
  • Global Trust Bank Profile In 2012
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