CLOSURE OF GLOBAL TRUST BANK (GTB) -25 July 2014

Good afternoon Ladies and Gentlemen,
In order to protect the interests of depositors, the Bank of Uganda this morning, closed Global Trust Bank (GTB) under the Financial Institutions Act, 2004.

At the press conference this afternoon, the Governor announced that the closure of the GTB was on account of its failure to become commercially viable.
To ensure minimum disruption to GTB’s customers, the BOU has arranged for the transfer of all of its deposit accounts to DFCU bank. Customers will be able to access their deposits when DFCU bank opens for business on the first working day of next week, which will be either Monday 28th or Tuesday, 29th July, depending on the date of the public holiday. DFCU bank will also honour all cheques drawn on these depositors’ accounts provided that there are sufficient funds in the applicable accounts.

DFCU Bank will take over six of the branches of GTB, in Bwaise, Kikuubo, Nateete, Owino, Paidha and Pallisa. DFCU bank will serve the customers of the other 15 branches of GTB from the existing branches of DFCU bank in nearby locations.
For more information, please refer to the Governor’s remarks at the press conference.

Wish you a pleasant weekend.

Ag. Director Communications (BOU)