Uganda’s Top Finance Bank Limited (TFB) has been acquired by Salaam African Bank (SAB) headquartered in Djibouti.
This was announced by Bank of Uganda (BoU) after the transaction was concluded following its approval in accordance with Financial Institutions Act (FIA), 2004 (as amended) and it’s implementing Regulations.
“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). 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,” BoU announced on August 8.
TFB was registered in Uganda as a company on the June 14, 2012 and was granted a Credit Institution License (Class 5) on the September 08, 2014. Bank Of Uganda welcomes the transaction.
SAB was established in 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.
