ads. Buy-Import-Export Premium Grade UGANDA VANILLA BEANS                           Buy-Import-Export Un-Refined Raw SHEA BUTTER 

Tropical Bank Uganda posts a 2011 Loss, War for Libya weighs in

Tropical Bank Ltd., the Libyan- owned lender seized by Uganda’s central bank last year, said it posted a loss in 2011 after customer deposits declined.

The loss totaled 624.2 million shillings ($249,256) in the 12 months through December, compared with a profit of 5.6 billion shillings a year earlier, the Kampala-based bank said in a statement published today in the New Vision newspaper. Customer deposits dropped 49 percent to 64.97 billion shillings, it said.

Uganda took control of Tropical Bank on March 25, 2011, to protect the lender from sanctions imposed on Libya by the United Nations and returned it to its owners on March 6. The UN measures were aimed at halting attacks by slain Libyan leader Muammar Qaddafi’s regime on protesters.

Fred Ojambo
Bloomberg
30-April-2012

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Banking Guide Questions and Comments.





Haven't yet found what you Want...?

If you haven't yet found what you were looking for or you need detailed information about the subject matter on this page

then...

feel free to ask our business travel consultants.