Global Trust Bank
Encyclopedia
Global Trust Bank is a commercial bank
in Uganda
which started operations in 2008. Its headquarters are located in a five-storey building on Kampala Road in the center of Uganda
’s capital, Kampala
.
’s largest insurance company Industrial and General Insurance Company Plc. (IGI). The remaining 51% is owned by National Insurance Corporation
(NIC
) and Ugandan individuals. NIC
itself is 60% owned by IGI. The remaining 40% of NIC is owned by Individual and Institutional Investors in Uganda.
Global Trust Bank is a dynamic, consumer-focused limited liability company. It started operations in November 2008, in Uganda. The bank was established on the principles of service, performance and professionalism. It is the desire of the owners to transform the organisation into a global player in the financial sector. In December 2009, the Ugandan Government divested from NIC by floating their shares on the Uganda Securities Exchange
(USE). Shares of NIC began trading on the USE in March 2010.
{| style="font-size:95%;"
|-
| width="80%" align="center" | Global Trust Bank Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||Industrial and General Insurance Company||49.0
|-
|2||National Insurance Corporation
||49.0
|-
|3||Ugandan Individuals||2.0
|-
| ||Total||100.0
|-
|}
), for an undisclosed sum of money. As of July 2010, Global Trust Bank has eight (08) branches, located in central, eastern and northern Uganda
. The branches of the bank include the following locations:
, Rwanda
and Southern Sudan. 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 is underway, but the list of closed branches has not been released. In May 2011, the bank joned Bankcom network, a bank switch system that connects the utomated teller machine|ATM]s of member banks. Global Trust Bank is the eighth (8th) Ugandan commercial bank to join the Bankcom switch.
, a Uganda
n with over twenty five (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.
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 twenty (20) years of banking experience, was appointed Managing Director of the bank. He holds degrees in Law and Business. Prior to his current position, he served as the Director of Business Development at Global Trust Bank.
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
in Uganda
Uganda
Uganda , officially the Republic of Uganda, is a landlocked country in East Africa. Uganda is also known as the "Pearl of Africa". It is bordered on the east by Kenya, on the north by South Sudan, on the west by the Democratic Republic of the Congo, on the southwest by Rwanda, and on the south by...
which started operations in 2008. Its headquarters are located in a five-storey building on Kampala Road in the center of Uganda
Uganda
Uganda , officially the Republic of Uganda, is a landlocked country in East Africa. Uganda is also known as the "Pearl of Africa". It is bordered on the east by Kenya, on the north by South Sudan, on the west by the Democratic Republic of the Congo, on the southwest by Rwanda, and on the south by...
’s capital, Kampala
Kampala
Kampala is the largest city and capital of Uganda. The city is divided into five boroughs that oversee local planning: Kampala Central Division, Kawempe Division, Makindye Division, Nakawa Division and Lubaga Division. The city is coterminous with Kampala District.-History: of Buganda, had chosen...
.
Ownership
Global Trust Bank is 49% owned by NigeriaNigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
’s largest insurance company Industrial and General Insurance Company Plc. (IGI). The remaining 51% is owned by National Insurance Corporation
National Insurance Corporation
National Insurance Corporation Limited , commonly referred to as National Insurance Corporation, is an insurance company in Uganda. The company is a leading provider of insurance and risk management services in Uganda.-Overvview:...
(NIC
National Insurance Corporation
National Insurance Corporation Limited , commonly referred to as National Insurance Corporation, is an insurance company in Uganda. The company is a leading provider of insurance and risk management services in Uganda.-Overvview:...
) and Ugandan individuals. NIC
National Insurance Corporation
National Insurance Corporation Limited , commonly referred to as National Insurance Corporation, is an insurance company in Uganda. The company is a leading provider of insurance and risk management services in Uganda.-Overvview:...
itself is 60% owned by IGI. The remaining 40% of NIC is owned by Individual and Institutional Investors in Uganda.
Global Trust Bank is a dynamic, consumer-focused limited liability company. It started operations in November 2008, in Uganda. The bank was established on the principles of service, performance and professionalism. It is the desire of the owners to transform the organisation into a global player in the financial sector. In December 2009, the Ugandan Government divested from NIC by floating their shares on the Uganda Securities Exchange
Uganda Securities Exchange
The Uganda Securities Exchange is the principal stock exchange of Uganda. It was founded in June 1997. The USE is operated under the jurisdiction of Uganda's Capital Markets Authority, which in turn reports to the Bank of Uganda, Uganda's central bank.The exchange's doors opened to trading in...
(USE). Shares of NIC began trading on the USE in March 2010.
{| style="font-size:95%;"
|-
| width="80%" align="center" | Global Trust Bank Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||Industrial and General Insurance Company||49.0
|-
|2||National Insurance Corporation
National Insurance Corporation
National Insurance Corporation Limited , commonly referred to as National Insurance Corporation, is an insurance company in Uganda. The company is a leading provider of insurance and risk management services in Uganda.-Overvview:...
||49.0
|-
|3||Ugandan Individuals||2.0
|-
| ||Total||100.0
|-
|}
Domestic Branches
In July 2008, Global Trust Bank acquired 100% interest in Commercial Microfinance Limited, a Deposit-taking Microfinance Institution (Tier III Financial InstitutionBanking in Uganda
-The early years:Prior to Uganda’s independence in 1962, Government-owned institutions dominated most banking in Uganda. In 1966 the Bank of Uganda, which controlled the issue of currency and managed foreign exchange reserves, became the Central Bank. Uganda Commercial Bank, which had fifty...
), for an undisclosed sum of money. As of July 2010, Global Trust Bank has eight (08) branches, located in central, eastern and northern Uganda
Uganda
Uganda , officially the Republic of Uganda, is a landlocked country in East Africa. Uganda is also known as the "Pearl of Africa". It is bordered on the east by Kenya, on the north by South Sudan, on the west by the Democratic Republic of the Congo, on the southwest by Rwanda, and on the south by...
. The branches of the bank include the following locations:
- Head Office - Kampala Road, KampalaKampalaKampala is the largest city and capital of Uganda. The city is divided into five boroughs that oversee local planning: Kampala Central Division, Kawempe Division, Makindye Division, Nakawa Division and Lubaga Division. The city is coterminous with Kampala District.-History: of Buganda, had chosen...
- Main Branch - Owino Market Branch - Nakivubo Road, Central DivisionNakaseroNakasero is the hill where the central business district of Kampala is located. Kampala is Uganda's capital and largest city.-Location:Nakasero is bordered by Mulago to the north, Makerere to the northwest, Old Kampala to the west, Namirembe and Mengo to the southwest, Nsambya to the south, Kibuli...
, KampalaKampalaKampala is the largest city and capital of Uganda. The city is divided into five boroughs that oversee local planning: Kampala Central Division, Kawempe Division, Makindye Division, Nakawa Division and Lubaga Division. The city is coterminous with Kampala District.-History: of Buganda, had chosen... - Bwaise Branch - BwaiseBwaise-Location:Bwaise is bordered by Kawempe to the north, Kyebando to the east, Mulago to the southeast, Makerere to the south and Kasubi to the southwest. This location is approximately , by road, north of Kampala's central business district...
, Kawempe DivisionKawempe DivisionKawempe Division is one of the divisions that makes up the city of Kampala, Uganda. The city's five divisions are:* Kampala Central Division* Kawempe Division* Lubaga Division* Makindye Division* Nakawa Division-Location:...
, KampalaKampalaKampala is the largest city and capital of Uganda. The city is divided into five boroughs that oversee local planning: Kampala Central Division, Kawempe Division, Makindye Division, Nakawa Division and Lubaga Division. The city is coterminous with Kampala District.-History: of Buganda, had chosen... - Mukono Branch - Mukono, Mukono DistrictMukono DistrictMukono District is a district in Central Uganda. Like most other Ugandan districts, it is named after its 'chief town' - Mukono.-Location:Mukono District is bordered by Kayunga District to the north, Buikwe District to the east, the Republic of Tanzania to the south, Kalangala District to the...
- Paidha Branch - PaidhaPaidha-Location:Paidha is located in Zombo District, West Nile sub region in Northern Uganda. The town lies close to the border with the Democratic Republic of the Congo. It is located approximately , by road, south of Arua, the largest city in the sub-region. This location lies approximately , by road,...
, Nebbi DistrictNebbi DistrictNebbi District is a district in Northern Uganda. It is named after its main municipal, commercial and administrative centre, Nebbi, the location of the district headquarters.-Location:... - Pallisa Branch - PallisaPallisaPallisa is a town in Eastern Uganda. It is the 'chief town' of Pallisa District. The district is named after the town.-Location:Pallisa is located approximately , by road, west of Mbale, the largest city in the sub-region...
, Pallisa DistrictPallisa DistrictPallisa District is a district in Eastern Uganda. Like most other Ugandan districts, it is named after its chief town, Pallisa, where the district headquarters are located.-Location:... - Mbale Branch - MbaleMbaleMbale is a city in Eastern Uganda. It is the main municiplal, administrative and commercial center of Mbale District and the surrounding sub-region. The district is named after the town.-Location:...
, Mbale DistrictMbale DistrictMbale District is a district in Eastern Uganda. It is named after the largest city in the district, Mbale, which also servess as the main administrative and commercial center in the sub-region.-Location:... - Nateete Branch - NateeteNateeteNateete is a location in the city of Kampala, Uganda's capital. The correct spelling is with two "e"'s. Unfortunately the location is often misspelled with one "e".-Location:Nateete is located on the southwestern edge of the city of Kampala...
, Lubaga DivisionLubaga DivisionLubaga Division is one of the divisions that makes up the city of Kampala, Uganda. The division takes its name from Lubaga, where the division headquarters are located...
, KampalaKampalaKampala is the largest city and capital of Uganda. The city is divided into five boroughs that oversee local planning: Kampala Central Division, Kawempe Division, Makindye Division, Nakawa Division and Lubaga Division. The city is coterminous with Kampala District.-History: of Buganda, had chosen...
Regional Network
In January 2009, Global Trust Bank announced plans to expand operations into the neighboring countries of BurundiBurundi
Burundi , officially the Republic of Burundi , is a landlocked country in the Great Lakes region of Eastern Africa bordered by Rwanda to the north, Tanzania to the east and south, and the Democratic Republic of the Congo to the west. Its capital is Bujumbura...
, Rwanda
Rwanda
Rwanda or , officially the Republic of Rwanda , is a country in central and eastern Africa with a population of approximately 11.4 million . Rwanda is located a few degrees south of the Equator, and is bordered by Uganda, Tanzania, Burundi and the Democratic Republic of the Congo...
and Southern Sudan. 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 is underway, but the list of closed branches has not been released. In May 2011, the bank joned Bankcom network, a bank switch system that connects the utomated teller machine|ATM]s of member banks. Global Trust Bank is the eighth (8th) Ugandan commercial bank to join the Bankcom switch.
Bank Chief Executive
In December 2008, Richard ByarugabaRichard Byarugaba
Richard Byarugaba is a Ugandan business executive, banker and entrepreneur. He is the Managing Director and Chief Executive Officer of National Social Security Fund , a semi-autonomous retirement pension organisation for non-government employees in Uganda...
, a Uganda
Uganda
Uganda , officially the Republic of Uganda, is a landlocked country in East Africa. Uganda is also known as the "Pearl of Africa". It is bordered on the east by Kenya, on the north by South Sudan, on the west by the Democratic Republic of the Congo, on the southwest by Rwanda, and on the south by...
n with over twenty five (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
Nile Bank Limited
Nile Bank Ltd was a private bank, registered in Uganda, with shareholders from Uganda, Israel, and South Africa. Nile Bank has an emphasis on consumer banking.-History:...
and Standard Chartered Bank
Standard Chartered Bank
Standard Chartered PLC is a multinational financial services company headquartered in London, United Kingdom with operations in more than seventy countries...
. He was Chief Operations Officer at Barclays Bank
Barclays Bank (Uganda)
Barclays Bank Limited, commonly known as Barclays Bank , is a commercial bank in Uganda. It is one of the twenty-three commercial banks licensed by Bank of Uganda, the national banking regulator.-Overview:...
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.
In August 2010, following the appointment of Richard Byarugaba as the Executive Director
Executive director
Executive director is a term sometimes applied to the chief executive officer or managing director of an organization, company, or corporation. It is widely used in North American non-profit organizations, though in recent decades many U.S. nonprofits have adopted the title "President/CEO"...
of the National Social Security Fund
National Social Security Fund (Uganda)
The National Social Security Fund is a semi-government agency responsible for the collection, safekeeping, responsible investment and distribution of retirement funds from employees of the private sector in Uganda, who are not covered by the Government Retirement Scheme...
, Charles Ajaegbu, a native of Nigeria
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
, with over twenty (20) years of banking experience, was appointed Managing Director of the bank. He holds degrees in Law and Business. Prior to his current position, he served as the Director of Business Development at Global Trust Bank.
