Nigeria’s Keystone Bank sells stake in Orient, exits Uganda
Entrance to Orient Bank headquarters in Kampala. PHOTO | FILE |
The sale by Nigeria’s Keystone Bank of its 80 per cent stake in Orient Bank marks another exit from Uganda’s financial sector by a player from the West African economic powerhouse, following the closure of Global Trust Bank last July.
Unlike Global Trust, which was wound down to protect depositors’ interests due to the bank’s failure to shore up its capital position, the Orient sale is part of the unbundling of assets that PHB Bank, which is currently under administration, had acquired.
