Uganda’s third largest Bank, Standard Chartered Bank is set to close its operating branch in Mbarara Municipality in late November this year.
The Bank which has a banking history of 105 years in Uganda has announced that the Branch will be closed on November 29th 2017 and has apologized to its customers for the inconveniences caused.
Whereas they did not explain the reason as to why they are closing, inside sources indicate that limited market in the town that is a home to over 250,000 people has forced them to close operations.
The Bank wrote a letter to all its customers informing them of the planned closure and requesting them to use the remaining available means in order to enjoy the available services. Among the alternative ways they have availed to their customers is the use of the electronic Visa Card in all Auto Machines that support Visa, use of Mobile Banking and Mobile Wallet services Using MTN Mobile Money and Airtel Money to deposit and Withdraw, use of other branches country-wide and Business customers will have an option of Banking their money through Centenary Bank on a collection arrangement and then have it credited to their Standard Chartered account that very same day.
This is not the first large scale business to close operations in Mbarara, the largest city in the Western Region and 2nd largest in the whole country. Uchumi supermarket closed its newly established Branch in Mbarara just days before it was opened officially in 2016. Nakumatt Holdings also closed their Branch in August 2017.
Standard Chartered Bank operates 14 branches countrywide and only 4 branches of Mbale, Jinja, Arua and Mbarara are located outside Kampala Metropolitan. With the coming closure of Mbarara Branch, which is the only branch of the Bank in Western Uganda.
Mbarara will however remain the regional financial hub with branches of over 15 Commercial Banks that include Stanbic Bank, DFCU Bank, Centenary Bank, Equity Bank, United Bank for Africa (UBA), Cairo International Bank, Eco Bank, Diamond Trust Bank, Tropical Bank, Bank of Africa, Finance Trust Bank, Housing Finance Bank, Finca Uganda, Bank of Baroda, Barclays Bank, Post Bank and Kenya Commercial Bank.
With over 2.6 Trillion Ugandan Shillings asset worth, 14 Branches countrywide, 32 Auto Machines and over 600 employees, Standard Chartered bank is the 3rd largest Bank in Uganda by assets. Only Stanbic Bank and DFCU have a bigger asset worth.