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Tropical Bank

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Tropical Bank

Tropical Bank
Type Private
Industry Financial Services
Founded 1973
Headquarters Kampala, Uganda
Key people Gerald Sendaula
Chairman
Osama Rami Serrag
Managing Director & CEO[1]
Products Loans, Checking, Savings, Debit Cards, Investments, Mortgages
Revenue Increase Aftertax: US$623,000+ (UGX:1.6 billion (2012)[2]
Total assets US$84+ million (UGX:215 billion) (2012)
Website Homepage

Tropical Bank is a commercial bank in Uganda. It is one of the commercial banks licensed by the Bank of Uganda, the national banking regulator.[3]

Overview

As of December 2012, Tropical Bank was a small-sized financial services provider in Uganda. The total bank assets at that time were valued at about US$84 million (UGX 215 billion),[4] with shareholders' equity of over US$30 million (UGX:60 billion).[5]

At that time, the bank was the 15th largest commercial bank in Uganda, based on assets, representing approximately 2% of all bank assets in the country.[6] Tropical Bank is involved in all commercial bank activities with focus on the financing of manufacturing, construction, trade, commerce, education, transportation and tourism.

History

The bank was established in 1973 as Arab Libyan Bank for Foreign Trade & Development. In 1994, the name was changed to Tropical Africa Bank Limited. In 2006 the name was finally changed to Tropical Bank.[7]

Ownership

99.7% of the share capital of Tropical Bank is owned by the Government of Libya through the Libyan Foreign Bank. The remaining 0.3% is owned by the Government of Uganda through the Ministry of Finance & Economic Development. See Table below:[8]

Tropical Bank Stock Ownership
Rank Name of Owner Percentage Ownership
1 Libyan Foreign Bank 99.7
2 Government of Uganda 0.3

Directors

Tropical Bank is governed by a six person Board of Directors of whom two are Executive Directors and four are non-Executive. Mr. Gerald Sendawula, one of the non-Executive Directors, is the Chairman of the Board.

Management team

Osama Serrag is the Managing Director. He has thirteen other managers who assist him in running the bank.[9]

Branch network

As of September 2013, Tropical Bank has a network of the following branches in the central, and eastern parts of Uganda. The bank has plans to open more branches in Uganda as well as expand services in the region within the next three years.[10] The bank's branch network includes the following locations:[11]

  1. Head Office - 27 Kampala Road, Kampala
  2. Nakivubo Branch - 34-38 Nakivubo Road, Kampala
  3. Ntinda Branch - 1 Kimera Road, Ntinda, Kampala
  4. Jinja Branch - 17 Main Street, Jinja
  5. Masaka Branch - 2 Birch Avenue, Masaka
  6. Kansanga Branch - 5277 Ggaba Road, Kansanga, Kampala[12]
  7. Kawempe Branch - 3144 Kampala-Gulu Road, Kawempe, Kampala
  8. Oasis Mall Branch - Yusuf Lule Road, Kampala
  9. Kakira Branch - Downtown Area, Kakira[13]
  10. # Katwe Branch - Muganzirwazza Shopping Mall, Muteesa I Road, Katwe, Kampala[14]

External links

  • Tropical Bank Website
  • Photo of Tropical Bank Headquarters
  • Tropical Bank Total Assets In December 2011

See also

References

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