UK-based banking group Barclays Bank has entered into an agreement to acquire 100% of the share capital of Ugandan financial firm Nile Bank, strengthening its position in Africa.
The acquisition will lead to the amalgamation of Nile Bank’s distribution network and customer base with Barclays’, in the anticipation of establishing a leading position in the market and driving further business growth.
The enlarged operations will comprise of 25 branches and approximately 400 employees.
Nile Bank’s domestic banking expertise in Uganda and strong expertise in the small and medium-sized business sector will enable us significantly to strengthen and expand our presence in Uganda, commented Nick Mbuvi, managing director of Barclays Bank of Uganda. We look forward to welcoming the Nile Bank staff into Barclays. Their local industry experience will be crucial to developing this business. This acquisition signals Barclays commitment to developing its African businesses and to being a leading contributor to Africa’s future.
The transaction is expected to close during the first quarter of 2007, subject to the approval of the appropriate regulators and completion of the necessary documentation.