Business Profile

With a presence in Uganda since 1999, Citibank Uganda Limited (CUL) is arguably the most innovative corporate bank in Uganda, a quality that is highly valued by our clients. Our corporate banking business is one of the largest in the country, serving over 250 clients, active in diverse sectors of the economy. Citibank Uganda Limited directly employs about 40 full time staff, and operates out of its Head Office at No. 4 Ternan Avenue, Nakasero, Kampala, Uganda. Citibank has had a significant involvement in Uganda for many years in areas such as correspondent banking, trade finance and corporate finance, initially through our Non-Presence Countries (NPC) business, until when the branch was opened in 1999. Key products offered by Citibank Uganda include trade finance, foreign exchange spots, options and forwards, intermediation of foreign direct and portfolio investments, cash management, corporate finance and treasury services. CUL is a market leader in the provision of these solutions to clients in Uganda. Citibank Uganda Limited is reputed to be the most efficient bank in Uganda in terms of its operational capacity, and is the bank of choice for non-clearing financial institutions active in the Ugandan Banking Industry. Citibank Uganda has consistently been one of the largest tax payers in Uganda. With shareholders funds of about $60 million, Citibank Uganda is one of the most capitalised banks in Uganda, and is a trusted partner for most global corporations with operations in the country. Our award winning Citidirect system is the pre-eminent electronic payment platform in the market, and our Treasury team is reputed for its innovation and global leverage.

Key Policy Priorities: The government of Uganda has consistently pursued liberal, market driven economic policies, resulting in the best economic growth rate in the region for the past 5 years, averaging over 7% per annum. We expect the government to continue to advance the same policies that have served the country so well. Uganda is a relatively easy destination for foreign investment, given the benign investment climate, and government’s focus on facilitating the activities of genuine investors. As part of an effort to improve infrastructure in the country, the government has continued to support the activities of telecommunications companies, especially mobile GSM operators, who have now achieved a subscriber level of 10 million, which is a third of the population and growing. There is also a keen interest in accelerated road development and investment in power generation and supply. The $750 million Bujagali hydro power project is one of the largest ever undertaken in East Africa, and will be coming on stream by 2010/2011. Further power projects are planned. Uganda has a fast growing population, one of the highest in the world, with the population forecast to reach 90 million within 30 years. Development of human capital is therefore a critical need for the country, and continues to attract substantial investment from both the government and donors. Donor support remains critical for the country, with donors accounting for c. 35% of the budget (contributing c. $750 million in 2008). The government has undertaken various measures to improve the administration of land and mortgages in the country, and has introduced various bills in this direction. Given the sensitivity of the subject in the local political environment, these bills have been subject to some controversy and delay. Also, there have been recent legislative efforts on anti-money laundering and electronic transactions.