Ugandan deputy governor explains decision to nationalise NBC

Tristan Carlyle
28 Sep 2012

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The Ugandan authorities has no other option but to take over and ultimately close one of the country's commercial banks following persistent losses that ultimately threatened the deposits of Ugandan citizens, according to Louis Kasekende, deputy governor of the Bank of Uganda.

During the past two years, the National Bank of Commerce (NBC) had accumulated losses of 8.4 billion Ugandan shillings ($3.3 million), according to Kasekende. This year alone, the bank posted losses of more than one

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