KAMPALA.
Post Bank Uganda Ltd , is undergoing transformation which will soon see it become Pearl Bank Uganda Ltd .
The rebranding comes at a time when government, which fully owns the banking institution is reinvesting the entire profit of Shs35.4 billion earned in the 2022/2023 Financial Year.
In the Financial Year 2022 2023, Post Bank Uganda Ltd grew its income by 20 percent from Shs206 billion to Shs248 billion, and deposits grew by 25 percent from Shs790 billion to Shs990 billion. Its loan book grew by 19 percent from Shs603 billion to Shs719 billion. The bank closed the year with a profit after tax of Shs35.4 billion, reflecting a 28 percent growth from 2023.
According to Mr Matia Kasaija , the finance minister due to the bank’s transformation and strong progress over the last five years, the shareholders approved the bank’s strategy to change its name and re-brand to reposition itself better and attract stronger banking partners, plus high-value depositors, to scale lending to MSMEs and agriculture.
He explained that a name that is worldwide known to be a symbol of purity, wisdom, wealth, status, and prosperity. Taken from Sir Winston Churchill’s portrayal of Uganda as “The Pearl of Africa” for its natural beauty, abundant wildlife, and cultural diversity, Post Bank Ltd will re-brand to become Pearl Bank Uganda Limited.”
“I wish the Bank continued success as it begins this transition period of the re-brand. I invite all the bank’s customers and Ugandans to be part of this journey that will strengthen the bank’s ability to foster prosperity for Ugandans through driving sustainable financial inclusion and supporting government’s ATMS strategy especially in agriculture value addition,” Mr Kaasija said during the bank’s annual general meeting held at the Finance Ministry headquarters .
Speaking about the bank’s stand, the Chairman Board of Directors, Mr Andrew Otengo Owiny, said: “The bank has solidified its position as a transformative force since becoming a fully-fledged commercial bank in December 2021.”
Mr Oteno Owiny said the bank has more than 6,000 agents across Uganda . “The bank has continued supporting the government’s programmes, including digitising payments for the Parish Development Model through Wendi, which has created convenience and transparency as the funds can now be pushed directly to the ultimate beneficiary,” he said.
Post Bank Uganda Ltd Managing Director Mr Julius Kakeeto noted that re-branding is part of the wider strategy to grow Post Bank into an indigenous commercial bank. Mr Kakeeto explained that four years ago, the emphasis was on strengthening governance and risk management, deploying the right technology, improving service, and becoming profitable.
PostBank Uganda Ltd has been in existence since 1926. It started out as a department in the Post Office. In February 1998 Post Bank Uganda Limited was incorporated in accordance with the Communications Act of 1997 to take over the operations of the former Post Office Savings department.
Post Bank Uganda Ltd was incorporated under the Companies Act in February 1998 as a limited liability company. The bank’s operations are supervised by the Bank of Uganda under the Financial Institutions Act. Before December 2021, it was classified as a Tier II Institution (Non-Bank Credit Institution), by the Bank of Uganda (BOU). That month, it received a Tier I banking license from BOU