In the news coming through this morning indicate that Bank of Uganda has approved closure of another bank in Uganda and has urged all people banking with the closing financial institution of withdraw all their ka money.
The institution set to close over voluntary liquidation and has been confirmed insolvent is Afriland First Bank Uganda which will cease to operate in Uganda according to a public notice issued by Bank of Uganda.
“Bank of Uganda hereby informs the public that Afriland First Bank Uganda Limited is a solvent Financial Institution. Therefore, all depositors and other verified creditors shall be paid in full All depositors of Afriland First Bank Uganda Limited are encouraged to withdraw their deposits from Afriland First Bank Uganda Limited’s premises. All other verified creditors shall be paid in full by the Liquidator that has been appointed by shareholders of Afriland First Bank Uganda Limited”- Reads Part of the Statement.
Afriland First Bank follows other banks that Bank of Uganda has closed over liquidation issues like Crane Bank whose owner Sudhir Rupaleria won Bank of Uganda in courts and is waiting for compensations in legal fees and his bank which Bank of Uganda closed illegally.
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