The transaction, valued at Shs35.2 billion was completed through Centum Investments as part of its strategy to reduce its stake in the bank formerly known as K-Rep Bank.
Kampala, Uganda: Former Attorney General William Byaruhanga has acquired a 14.63% stake in Kenya’s Sidian Bank, making him the fourth-largest shareholder in the lender.
The transaction, valued at KSh1.03 billion (approximately Shs35.2 billion), was completed through Centum Investments as part of its strategy to reduce its stake in the bank formerly known as K-Rep Bank.
Byaruhanga, who served as Uganda’s Attorney General from June 2016 to June 2021, is a founding partner of Kasirye Byaruhanga & Co. Advocates and a notable real estate investor, with properties including Village Mall Bugolobi, Rwenzori Courts, and Mountain of the Moon Hotel.
What this means for Uganda and its Banking Sector
Byaruhanga’s cross-border acquisition signals growing confidence in regional banking and highlights opportunities for Ugandan investors to diversify into Kenya’s financial sector. His entry into Sidian Bank may encourage other Ugandan entrepreneurs and financial institutions to explore investments in the East African banking market, promoting integration and knowledge transfer.
For Uganda’s banking sector, this move could catalyze enhanced competition, potential partnerships, and increased adoption of advanced banking practices from Kenya. It also underscores the capacity of Ugandan investors to mobilize substantial capital for regional ventures, reinforcing Uganda’s position in the East African economic space.
Sidian Bank recently reported robust growth, with a net profit of KSh1 billion in the first half of the year, a 4.5-fold increase from 2024, driven by deposits rising to KSh59.8 billion and loans to KSh26.9 billion.
However, the Central Bank of Kenya has noted the lender’s thin core capital adequacy ratios, an issue that Byaruhanga and other investors will likely monitor closely.
If you would like your article/opinion to be published on Uganda’s most authoritative news platform, send your submission on: [email protected]. You can also follow DailyExpress on WhatsApp and on Twitter (X) for realtime updates.
