Global Trust Bank Limited and International Credit Bank Limited are among the 7 defunct commercial banks that the parliamentary Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) were in 2018 investigating following reports that the Banks were ‘fraudulently’ closed.
KAMPALA | UGANDA
Bank of Uganda (BoU) has concluded liquidation of two defunct commercial Banks.
BoU Governor Emmanuel Mutebile has announced that the Central Bank has effectively concluded the liquidation of Global Trust Bank Limited and International Credit Bank Limited that were closed on 25th July 2014 and 18th September 1998 respectively.
The Financial Institutions Statute, 1993 gives the Central Bank mandate to close or revoke banking license of a distressed financial institution.
“Bank of Uganda hereby informs the general public that the statutory liquidation of Global Trust Bank Limited and International Credit Bank Limited has been effectively concluded,” the statement reads.
Global Trust Bank Limited and International Credit Bank Limited are among the 7 defunct commercial banks that the parliamentary Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) were in 2018 investigating following reports that the Banks were ‘fraudulently’ closed.
The other Banks are; Teefe Bank (1993), Greenland Bank (1999), The Co-operative Bank (1999), National Bank of Commerce (2012), and Crane Bank Ltd (CBL).
While appearing before COSASE in 2018, Governor Mutebile vowed that he will never reinstate any of the defunct banks for as long as he is still the Governor of the Central Bank however much the committee recommends.
