Djibouti based-bank takeover Top Finance Bank

Michael Mande, Ag Managing Director, Top Finance Bank

Uganda’s Top Finance Bank (TFB) has officially been acquired by a Djibouti based bank.

The takeover of TFB by Salaam African Bank was confirmed Monday morning by the Bank of Uganda which approved the transaction.

“This is to inform the general public that M/s Salaam African Bank (hereafter SAB) with its Headquarters in Djibouti has acquired Top Finance Bank Limited (hereafter TFB),” the Central Bank announced.

“This transaction was concluded following Bank of Uganda approval ‘in accordance with provisions of the Financial Institutions Act (FIA), 2004 (as amended) and its implementing Regulations.”

TFB has been operating in Uganda since June 2012 and was granted a Credit Institution License (Class 5) on the September 08, 2014.

SAB on the other hand has been operating since 2007 and is licensed and regulated by the Central Bank of Djibouti.

SAB also has a presence in Ethiopia, through a representative office, and in Kenya through Salaam Microfinance Bank Limited and Salaam Investment Bank Limited which are licensed by the Central Bank of Kenya and the Markets Authority of Kenya, respectively.

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