Housing Finance Bank
Encyclopedia
Housing Finance Bank is a commercial bank
in Uganda
. It is one of the commercial banks licensed by Bank of Uganda
, the national banking regulator.
banking. Founded in 1967 as a housing finance company, Housing Finance Bank became a fully licensed commercial bank in January 2008, having acquired a commercial banking license. The bank
is the leading mortgage lender in the country, with approximately 60% of all Ugandan mortgage accounts. As of April 2010, Housing Finance Bank is the 10th largest commercial bank in Uganda with an asset base estimated at US$130 million, representing about 3% of all bank assets in the country.
. The Government of Uganda, through the Ministry of Finance owns 49.2%. The remaining 0.8% is owned by National Housing and Construction Company
(NHCC), a parastatal company owned by the Government of Uganda. The bank plans to list its shares on the Uganda Securities Exchange
in 2012. The current shareholding in the bank is depicted in the table below:
{| style="font-size:100%;"
|-
| width="100%" align="center" | Housing Finance 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||National Social Security Fund (Uganda)
||50.0
|-
|2||Government of Uganda||49.2
|-
|3||National Housing and Construction Company
|| 0.8
|-
| ||Total||100.0
|-
|}
. The bank's main branch is located in Investment House on Kampala Road. Another branch within the Kampala
Central Business District
is located in Nakasero
, across from the Nigerian High Commission. There are two other branches in Kampala
, one each in the suburbs of Namuwongo
and Ntinda
. In February 2009, the bank opened a branch in Mbarara
in western Uganda
. In March 2009, the bank opened its 6th branch is an area of Kampala
known as Kikuubo.
In June 2009, the bank opened its seventh (7th) branch in Mbale
promising, at the opening ceremony, to launch Internet banking and rural mobile banking later in 2009.
In July 2009, the bank opened its eighth (8th) branch in Arua
.
, the bank maintains branches in the following locations:
of whom three (3) are Executive Director
s and seven (7) are non-executive. The Chairman of the Board
is Keith Muhakanizi, one of the non-executive directors.
, one of the most prestigious high schools in Uganda
. He holds a Bachelors degree in Commerce
(BCom) from the University of Nairobi
. He is a Certified Public Accountant
(CPA
). He has worked at Housing Finance Bank since 1983 and has served as the Chief Executive at the same bank since 2002.
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...
. It is one of the commercial banks licensed by Bank of Uganda
Bank of Uganda
The Bank of Uganda is the Central Bank of the Republic of Uganda. Established in 1966, by Act of Parliament, BOU is 100% owned by the Government of Uganda, but is not a government department.-Organization and Governance:...
, the national banking regulator.
Overview
HFB is primarily involved in mortgageMortgage loan
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan...
banking. Founded in 1967 as a housing finance company, Housing Finance Bank became a fully licensed commercial bank in January 2008, having acquired a commercial banking license. The bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
is the leading mortgage lender in the country, with approximately 60% of all Ugandan mortgage accounts. As of April 2010, Housing Finance Bank is the 10th largest commercial bank in Uganda with an asset base estimated at US$130 million, representing about 3% of all bank assets in the country.
Ownership
The bank is 50% owned by the National Social Security Fund (Uganda)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...
. The Government of Uganda, through the Ministry of Finance owns 49.2%. The remaining 0.8% is owned by National Housing and Construction Company
National Housing and Construction Company
National Housing and Construction Company Limited , is a Ugandan construction and real estate management company, owned by the Uganda Government...
(NHCC), a parastatal company owned by the Government of Uganda. The bank plans to list its 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...
in 2012. The current shareholding in the bank is depicted in the table below:
{| style="font-size:100%;"
|-
| width="100%" align="center" | Housing Finance 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||National Social Security Fund (Uganda)
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...
||50.0
|-
|2||Government of Uganda||49.2
|-
|3||National Housing and Construction Company
National Housing and Construction Company
National Housing and Construction Company Limited , is a Ugandan construction and real estate management company, owned by the Uganda Government...
|| 0.8
|-
| ||Total||100.0
|-
|}
Branch Network
Housing Finance Bank maintains its corporate headquarters and main branch at its newly constructed headquarters building on Wampewo Avenue, on Kololo HillKololo
-Location:Kololo is close to the centre of Kampala, bordered by Naguru to the east, Bukoto to the north, Mulago to the northwest, Makerere to the west, Nakasero to the southwest and Kibuli to the south.-Overview:...
. The bank's main branch is located in Investment House on Kampala Road. Another branch within the 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...
Central Business District
Central business district
A central business district is the commercial and often geographic heart of a city. In North America this part of a city is commonly referred to as "downtown" or "city center"...
is located in Nakasero
Nakasero
Nakasero 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...
, across from the Nigerian High Commission. There are two other branches in 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...
, one each in the suburbs of Namuwongo
Namuwongo
-Location:Namuwongo is bordered by Lugogo to the north, Nakawa to the northeast, Kiswa and Bugoloobi to the east, Muyenga to the southeast, Kisugu and Kabalagala to the south, Kibuli to the west and Kololo to the northwest...
and Ntinda
Ntinda
-Location:Ntinda is bordered by Kyambogo to the east, Nakawa to the south, Naguru to the west, Bukoto to the northwest, Kigoowa to the north and Kiwaatule to the northeast. This location is approximately , by road, northeast of Kampala's central business district...
. In February 2009, the bank opened a branch in Mbarara
Mbarara
Mbarara is a town in Western Uganda. It is the main municipal, administrative and commercial center of Mbarara District and the location of the district headquarters. It is also the largest urban centre in Western Uganda.-Location:...
in western 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...
. In March 2009, the bank opened its 6th branch is an area of 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...
known as Kikuubo.
In June 2009, the bank opened its seventh (7th) branch in Mbale
Mbale
Mbale 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:...
promising, at the opening ceremony, to launch Internet banking and rural mobile banking later in 2009.
In July 2009, the bank opened its eighth (8th) branch in Arua
Arua
Arua is a town in Arua District, Northern Uganda. An important local commercial centre, it is a base for a large refugee population from Southern Sudan and the Democratic Republic of the Congo and is an aid distribution centre for those nations.-Location:...
.
, the bank maintains branches in the following locations:
- Arua Branch - AruaAruaArua is a town in Arua District, Northern Uganda. An important local commercial centre, it is a base for a large refugee population from Southern Sudan and the Democratic Republic of the Congo and is an aid distribution centre for those nations.-Location:...
- Bugoloobi Branch - BugoloobiBugoloobiBugoloobi, sometimes spelled as Bugolobi, is a location in Kampala, Uganda's capital and largest city.-Location:Bugoloobi is bordered by Nakawa and Mbuya to the north, Mutungo to the east, Kitintale and Luzira to the southeast, Muyenga to the south and southeast, Namuwongo to the west and Kampala's...
, 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... - Garden City Branch - Garden City Mall, 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 - Investment House, Wampewo Avenue, KololoKololo-Location:Kololo is close to the centre of Kampala, bordered by Naguru to the east, Bukoto to the north, Mulago to the northwest, Makerere to the west, Nakasero to the southwest and Kibuli to the south.-Overview:...
, 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... - Kampala Road Branch - 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...
- Kikuubo Branch - Ben Kiwanuka Street, 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...
- Mbarara Branch - MbararaMbararaMbarara is a town in Western Uganda. It is the main municipal, administrative and commercial center of Mbarara District and the location of the district headquarters. It is also the largest urban centre in Western Uganda.-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:...
- Nakasero Branch - Nakasero Road, NakaseroNakaseroNakasero 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... - Nakawa Branch - NakawaNakawaNakawa is an area in the city of Kampala, Uganda's capital. It is also the location of the headquarters of Nakawa Division, one of the five administrative divisions of Kampala.-Location:Nakawa is located on the eastern edge of the city of Kampala...
, 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... - Namuwongo Branch - NamuwongoNamuwongo-Location:Namuwongo is bordered by Lugogo to the north, Nakawa to the northeast, Kiswa and Bugoloobi to the east, Muyenga to the southeast, Kisugu and Kabalagala to the south, Kibuli to the west and Kololo to the northwest...
, 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... - Ntinda Branch - NtindaNtinda-Location:Ntinda is bordered by Kyambogo to the east, Nakawa to the south, Naguru to the west, Bukoto to the northwest, Kigoowa to the north and Kiwaatule to the northeast. This location is approximately , by road, northeast of Kampala's central business district...
, 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... - Ovino Branch - Ovino Market Mall, Kisenyi, 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...
- Lira Branch - LiraLiraLira is the name of the monetary unit of a number of countries, as well as the former currency of Italy, Malta, San Marino and the Vatican City and Israel. The term originates from the value of a Troy pound of high purity silver. The libra was the basis of the monetary system of the Roman Empire...
- Gulu Branch - GuluGuluGulu is a city in Northern Uganda. It is the commercial and administrative centre of Gulu District. The city is located at 2˚46'48N 32˚18'00E, on the metre gauge railway from Tororo to Pakwach. Gulu is located approximately , by road, north of Kampala, Uganda's capital and largest city...
- Fort Portal Branch - Fort PortalFort PortalFort Portal is a town in Western Uganda. It is the seat of both Kabarole District and Toro Kingdom.-Location:Fort Portal is located approximately by road, west of Kampala, Uganda's capital and largest city, on an all-tarmac two-lane highway...
Directors
Housing Finance Bank is governed by a ten (10) person Board of DirectorsBoard of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
of whom three (3) are 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"...
s and seven (7) are non-executive. The Chairman of the Board
Chairman of the Board
The Chairman of the Board is a seat of office in an organization, especially of corporations.Chairman of the Board may also refer to:*Chairman of the Board , a 1998 film*Chairmen of the Board , a 1970s American soul music group...
is Keith Muhakanizi, one of the non-executive directors.
Executive Management
Nicholas Okwir is the Managing Director of Housing Finance Bank. There are twelve (12) other managers with whom the Managing Director supervises the day-to-day activities of the bank. Okwir is a graduate of Namilyango CollegeNamilyango College
Namilyango College is a boys-only boarding middle and high school located in Mukono District in Central Uganda.-Location:The school is situated on a lush green campus on Namilyango Hill, approximately , by road, east of Kampala, Uganda's capital and largest city. It's approximately , by road,...
, one of the most prestigious high schools 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...
. He holds a Bachelors degree in Commerce
Commerce
While business refers to the value-creating activities of an organization for profit, commerce means the whole system of an economy that constitutes an environment for business. The system includes legal, economic, political, social, cultural, and technological systems that are in operation in any...
(BCom) from the University of Nairobi
University of Nairobi
The University of Nairobi is the largest university in Kenya. Although its history as an educational institution goes back to 1956, it did not become an independent university until 1970 when the University of East Africa was split into three independent universities: Makerere University in...
. He is a Certified Public Accountant
Certified Public Accountant
Certified Public Accountant is the statutory title of qualified accountants in the United States who have passed the Uniform Certified Public Accountant Examination and have met additional state education and experience requirements for certification as a CPA...
(CPA
Certified Public Accountant
Certified Public Accountant is the statutory title of qualified accountants in the United States who have passed the Uniform Certified Public Accountant Examination and have met additional state education and experience requirements for certification as a CPA...
). He has worked at Housing Finance Bank since 1983 and has served as the Chief Executive at the same bank since 2002.