Global Trust Bank (Uganda) Limited (GTBU), commonly referred to as Global Trust Bank (GTBU), was a

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with co ...

Uganda }), is a landlocked country in East Africa. The country is bordered to the east by Kenya, to the north by South Sudan, to the west by the Democratic Republic of the Congo, to the south-west by Rwanda, and to the south by Tanzania. The sou ...

which started operations in 2008 and was closed down in 2014. Its headquarters were located in a five-storey building on Kampala Road in the center of

’s capital,

Kampala Kampala (, ) is the capital and largest city of Uganda. The city proper has a population of 1,680,000 and is divided into the five political divisions of Kampala Central Division, Kawempe Division, Makindye Division, Nakawa Division, and Ruba ...

. It was licensed as a commercial bank by

Bank of Uganda The Bank of Uganda ( sw, Benki Kuu ya Uganda) is the central bank of Uganda. Established in 1966, by Act of Parliament, the bank is wholly owned by the government but is not a government department. History In 1979 and again in 1987, the Ba ...

, the

central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central b ...

and national banking regulator. The bank was a small financial services provider in Uganda. , its total asset valuation was approximately US$35.1 million (UGX:85 billion), with shareholders' equity of about US$17.2 million (UGX:41.53 billion). Available reports indicate that the bank broke even in 2011 and began making profits in 2012. Global Trust Bank was evaluating the introduction of Sharia banking in Uganda.

Ownership

, Global Trust Bank was 45.3% owned by

Nigeria Nigeria ( ), , ig, Naìjíríyà, yo, Nàìjíríà, pcm, Naijá , ff, Naajeeriya, kcg, Naijeriya officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf o ...

’s largest insurance company Industrial and General Insurance Company Plc. (IGI). The remaining 54.7% was owned by four corporate investors, each holding less than 5%, and by eight individual investors, each holding no more than 5% of the bank's issued and authorized share capital. * Other than IGI, none of the other corporate and individual shareholders of the Bank held up to 5% of the issued and authorized share capital of the Bank.

Domestic Branches

, Global Trust Bank had a network of branches at the following locations: ; Operational branches # Busia Branch - 1 Sofia Road, Customs Yard, Busia # Butaleja Branch - Butaleja District Headquarters,

Butaleja Butaleja is a town in Eastern Region of Uganda. It is the main municipal, administrative and commercial center of Butaleja District and the district headquarters are located there. The district is named after the town. Location Butaleja is ...

# Bwaise Branch - 975-976 Sir Apollo Kaggwa Road,

Bwaise Bwaise is a neighborhood within Kampala, Uganda's capital, and largest city. Due to lack of proper urban planning, it has grown into a commercial, industrial and residential township with poor infrastructure. The lack of developed infrastruct ...

# Entebbe Airport Branch -

Entebbe International Airport Entebbe International Airport is the only international airport in Uganda. It is located about southwest of the town of Entebbe, on the northern shores of Lake Victoria. This is approximately by road south-west of the central business distr ...

Entebbe Entebbe is a city in Central Uganda. Located on a Lake Victoria peninsula, approximately southwest of the Ugandan capital city, Kampala. Entebbe was once the seat of government for the Protectorate of Uganda prior to independence, in 1962. T ...

# Head Office - 2A Kampala Road,

(Main Branch) # Kibuku Branch - Kibuku District Headquarters, Kibuku # Kikuubo Branch - 1st Floor Nabugabo Business Centre,

# Malaba Branch - Malaba Customs Building, Malaba # Mbarara Branch - 4 Bulemba Road,

Mbarara Mbarara City is a city in the Western Region of Uganda and the second largest city in Uganda after Kampala. The city is divided into 6 boroughs of Kakoba Division, Kamukuzi Division, Nyamitanga Division, Biharwe Division, Kakiika Division, ...

# Mbale Branch - 1-3 Manafwa Road,

Mbale Mbale is a city in the Eastern Region of Uganda. It is the main municipal, administrative, and commercial center of Mbale District and the surrounding sub-region. Location Mbale is approximately , by road, northeast of Kampala, Uganda's capita ...

# Mukono Branch - 36

Jinja Road Jinja may refer to: * Jinja, Uganda, a city in eastern Uganda close to the source of the Nile River ** Jinja District, Uganda, named after the above city * Shinto shrine, also called a "jinja", a structure that houses one or more Shinto kami (spi ...

Mukono Mukono Town is a municipality in Mukono District in the Central Region of Uganda. The town is administered by the Mukono Town Council. The district headquarters are located in this town. Location Mukono Municipality is 21 km east of ...

# Mutukula Branch - Mutukula URA Building, Customs Bond, Mutukula # Najjanankumbi Branch - 1032 Block 12 Entebbe Road,

Najjanankumbi Najjanankumbi is located in Lubaga Division, on the southern edge of the city of Kampala. Location Najjanankumbi is located on the southern edge of the city of Kampal It is bordered by Kibuye, Uganda, Kibuye to the north, Lukuli to the east, ...

# Nateete Branch - 757 Wakaliga,

Nateete Nateete is a location in the city of Kampala, Uganda's capital. Location Nateete is located in Lubaga Division, on the southwestern edge of the city of Kampala. It is bordered by Busega to the north, Lungujja to the northeast, Lubaga to the n ...

# Nkozi Branch - Uganda Martyrs University Campus,

Nkozi Nkozi is a town in central Uganda. It is one of the urban centers in Mpigi District. Location The town is situated along the Kampala–Masaka Road, approximately , southwest of Kampala, Uganda's capital and largest city. This location is approxi ...

# Owino Branch - St. Balikuddembe Market, 19 Nakivubo Place,

# Paidha Branch - 21 Nebbi- Arua Road,

Paidha Paidha is a town in the Northern Region, Uganda, Northern Region of Uganda. History On 13 February 1965, Paidha and Goli, Uganda, Goli were bombed by the Air Force of the Democratic Republic of the Congo, Congolese Air Force in retaliation for ...

# Pallisa Branch - 8 Kasodo Road, Pallisa # Rubirizi District -

Rubirizi Rubirizi, sometimes spelled Rubiriizi, is a town in Rubirizi District, Ankole sub-region, Western Uganda. The town is the main municipal, administrative and commercial center of Rubirizi District. The district is named after the town. Locat ...

Rubirizi District Rubirizi District is a district in Western Uganda. Like most Ugandan districts, the district is named after its 'chief town', Rubirizi, where the district headquarters are located. Location Rubirizi District is bordered by Kasese District to t ...

# Serere Branch - Serere District Headquarters,

Serere Serere is a town in Eastern Uganda. It is the chief political, administrative and commercial town in Serere District, and the district headquarters are located there. The district is named after the town. Location Serere lies in Serere District ...

# Tororo Branch - 11/9 Mbale Road, Tororo ; Branches in development # Amuria Branch -

Amuria Amuria is a town in the Eastern Region of Uganda. It is the chief municipal, administrative, and commercial center of Amuria District, in the Teso sub-region. Location Amuria is located approximately , by road, north of Soroti, the largest ...

Amuria District Amuria District is a district in the Eastern Region of Uganda. The town of Amuria is the site of the district headquarters. Location Amuria District is bordered by Otuke District to the north, Napak District to the northeast, Katakwi District to ...

# Gulu University Branch - Gulu University Campus,

Gulu Gulu is a city in the Northern Region of Uganda. It is the commercial and administrative centre of Gulu District. The coordinates of the city of Gulu are 2°46'54.0"N 32°17'57.0"E. The distance from Gulu to Kampala, Uganda's capital and larg ...

# Kamwenge Branch -

Kamwenge Kamwenge is a town in the Western Region of Uganda. It is the site of the Kamwenge District headquarters. Location Kamwenge is approximately , by road, west of Kampala, Uganda's capital and largest city. This is approximately , by road, southe ...

, Kamwenge District # Kole Branch -

Kole Kole Weathers is a fictional superheroine in DC Comics. She is a former member of the Teen Titans. Fictional character biography Professor Abel Weathers, paranoid of an impending nuclear holocaust, was attempting to find a way for humanity to ...

Kole District Kole District is a district in Northern Uganda. Like most other Ugandan districts, it is named after its 'chief town', Kole, where the district headquarters are located. Location Kole District is bordered by Lira District to the east, Apac Di ...

# Zombo Branch - Zombo,

Zombo District Zombo District is a Districts of Uganda, district in the Northern Region, Uganda, Northern Region of Uganda. The town of Zombo, Uganda, Zombo is the district's main municipal, administrative, and commercial center, Location Zombo District is bor ...

Regional Network

In January 2009, Global Trust Bank announced plans to expand operations into the neighboring countries of Burundi, Rwanda and

South Sudan South Sudan (; din, Paguot Thudän), officially the Republic of South Sudan ( din, Paankɔc Cuëny Thudän), is a landlocked country in East Africa. It is bordered by Ethiopia, Sudan, Central African Republic, Democratic Republic of the ...

. In November 2009, the bank announced that it would pivot its focus towards small and medium enterprises (SMEs), using Internet-based and mobile-phone platforms. A reduction in the number of branches was contemplated, but was not implemented. In May 2011, the bank joined "Bankcom Network", a bank switch system that connects the ATMs of member banks. Global Trust Bank was the 8th Ugandan commercial bank to join the Bankcom switch.

Bank Chief Executive

In December 2008, Richard Byarugaba, a

n with over 25 years of banking experience became the first

managing director A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

of Global Trust Bank. Prior to that, Byarugaba worked in various capacities at

Barclays Bank Barclays () is a British multinational universal bank, headquartered in London, England. Barclays operates as two divisions, Barclays UK and Barclays International, supported by a service company, Barclays Execution Services. Barclays traces ...

Nile Bank Limited Nile Bank Ltd was a private bank registered in Uganda, with shareholders from Uganda, Israel, and South Africa. Nile Bank has an emphasis on consumer banking. History Nile Bank was established in 1988 for the purposes of providing banking servi ...

and Standard Chartered Bank. He was

Chief Operations Officer A chief operating officer or chief operations officer, also called a COO, is one of the highest-ranking executive positions in an organization, composing part of the " C-suite". The COO is usually the second-in-command at the firm, especially if t ...

immediately before joining Global Trust Bank. He had held several board positions at Standard Chartered Bank, Nile Bank, Hospice Africa, Palliative Care Association of Uganda and the Uganda Institute of Banking and Financial Services. He is also a past president of the Uganda Institute of Bankers. In August 2010, following the appointment of Richard Byarugaba as the

executive director Executive director is commonly the title of the chief executive officer of a non-profit organization, government agency or international organization. The title is widely used in North American and European not-for-profit organizations, though ...

of the National Social Security Fund, Charles Ajaegbu, a native of

, with over 20 years of banking experience, was appointed Managing Director of the bank. He holds degrees in Law and Business. Prior to that, he served as the Director of Business Development at Global Trust Bank. , the Managing Director of GTBU was Morenikeji Oludotun Adepoju, a native Nigerian with over 22 years of banking experience in

Anglophone Speakers of English are also known as Anglophones, and the countries where English is natively spoken by the majority of the population are termed the ''Anglosphere''. Over two billion people speak English , making English the largest language ...

and Francophone

West Africa West Africa or Western Africa is the westernmost region of Africa. The United Nations defines Western Africa as the 16 countries of Benin, Burkina Faso, Cape Verde, The Gambia, Ghana, Guinea, Guinea-Bissau, Ivory Coast, Liberia, Mali, M ...

Liquidation

On Friday 25 July 2014, the

, revoked the banking license of Global Trust Bank and closed down the institution with immediate effect.

DFCU Bank DFCU Bank, registered as the Development Finance Company of Uganda Bank Limited, is a commercial bank in Uganda. It is licensed by the Bank of Uganda (BoU), Uganda's central bank and national banking regulator. Overview As of December 2021, DFC ...

acquired some of GTB's assets and liabilities, including customer deposits and loan accounts. Those assets DFCU Bank did not acquire are to be liquidated. Bank of Uganda cited two reasons for the closure. The first was lack of profitability. At the time of liquidation, GTB had accumulated losses totaling UGX:60 billion (US$24 million). The second was lack of "accuracy of the information provided to government".

Photos

Headquarters of Global Trust Bank on Kampala Road

References

External sources

Global Trust Bank Website

Global Trust Bank Profile In 2012
{{Kampala District Kampala District Banks established in 2008 2008 establishments in Uganda Defunct banks of Uganda Banks disestablished in 2014 2014 disestablishments in Uganda