Bank of Uganda, the regulator of all financial institutions in the country Monday announced that Djibouti’s M/s Salaam African Bank (SAB) has acquired Top Finance Bank Limited (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.
The central bank said 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.
Bank of Uganda said 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.