Tropical Bank

Tropical Bank is a commercial bank in Uganda. It is one of the commercial banks licensed by the Bank of Uganda, the country's central bank and national banking regulator.

Overview

As of December 2012, Tropical Bank was a small financial services provider in Uganda. The bank's assets at that time were valued at about UGX:215 billion. Shareholders' equity in 2009 was UGX:60 billion.

History

The bank was established in 1973 as the Arab Libyan Bank for Foreign Trade & Development. In 1994, the name was changed to Tropical Africa Bank Limited. In 2006, the bank re-branded to Tropical Bank.

Ownership

99.7 percent of the share capital of Tropical Bank is owned by the Libyan government through the Libyan Foreign Bank. The remaining 0.3 percent is owned by the Government of Uganda through the Ministry of Finance & Economic Development.

Governance

Tropical Bank is governed by a six-person board of directors, of whom two are executive directors and four are non-executive. Gerald Sendawula, one of the non-executive directors, is the chairman of the board. Abduelhadi Taher Giuma is the managing director. Three other managers assist him in running the bank.