UBA appointed Primary Dealer Bank in Uganda

UBA becomes the eighth banking institution to be appointed "Primary Dealer Bank" in Uganda

KAMPALA, UGANDA: The United Bank of Africa (UBA), Africa’s global bank has been named a Primary Dealer bank in Uganda. This brings the total number of Primary Dealer banks in the country to eight (8).

UBA’s appointment was confirmed yesterday (on Thursday, September 16) in a statement released by the Bank of Uganda (BoU) Governor, Prof Emmanuel Tumusiime Mutebile.

“Bank of Uganda (BoU) hereby announces the appointment of United Bank of Africa (UBA) as a Primary Dealer bank, with effect from October 1, 2021,” Mutebile announced in a statement.

According to BOU, the role of Primary Dealer banks is to lend government money on behalf of the public and in exchange, provide treasury bills and bonds as collateral, in the primary market auction.

“The Primary Dealer banks are thereafter, expected to facilitate the buying and selling of treasury bills and bonds to investors who do not have access to the primary market. This is referred to as Secondary market” BoU explains.

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“BOU is committed to making investing in treasury bills and bonds easier and more accessible while also strengthening the operations and development of the primary and secondary market for Government Securities,” Mutebile noted.

Other commercial banks previously appointed as Primary Dealer banks include; Absa, Bank of Baroda, Centenary Bank, Standard Chartered Bank, DFCU Bank, and Housing Finance Bank.

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