Ecobank Uganda woos Chi­nese firms

East African Business Week - - SPORTS - BY EDI­SON OLOUCH

KAMPALA, UGANDA – Ecobank Uganda has turned its mar­ket­ing ef­forts to­wards the bustling Chi­nese busi­ness com­mu­nity.

“It is a good sign when play­ers in the pri­vate sec­tor, like Ecobank, come to­gether and ap­pre­ci­ate the ef­forts of the gov­ern­ment.

“We are pleased to have sup­port­ive and ac­tion ori­ented bankers such as your­selves,” Chu Maom­ing, the Deputy Chi­nese Am­bas­sador to Uganda said dur­ing a Chi­nese Busi­ness fo­rum held at a Kampala ho­tel. He thanked the bank for its ef­fort.

There has been a grow­ing num­ber of Chi­nese-owned busi­nesses in the coun­try even as Chi­nese con­trac­tors con­tinue to dom­i­nate the ma­jor in­fra­struc­ture projects in Uganda.

How­ever, the bank’s main fo­cus is to ap­par­ently of­fer tai­lor made banking so­lu­tions that will ease trade be­tween Uganda and China.

Ac­cord­ing to Cle­ment Dodoo, the Ecobank Uganda Man­ag­ing Di­rec­tor, the move is in line with the Uganda gov­ern­ment in­vest­ment strat­egy and is geared to­wards at­tract­ing more in­vestors from China which will ul­ti­mately have a pos­i­tive im­pact on the coun­try’s GDP.

Dodoo said, “We are a solid bank. Our ma­jor share­hold­ers Ned­bank with a 20.7% stake, Qatar Na­tional Bank who have a 17.8% stake, Public In­vest­ment Cor­po­ra­tion of South Africa with 13.8%, In­ter­na­tional Fi­nance Cor­po­ra­tion with 5.2%, So­cial se­cu­rity and Na­tional In­sur­ance of Ghana with 3.97% and oth­ers with 32.87% make us more op­ti­mistic of the po­ten­tial here.

“As at De­cem­ber we had a total as­set base of over $23 bil­lion and total eq­uity of over $2.7bil­lion. We have won var­i­ous in­dus­try awards and con­tinue to work to­wards ex­cel­lence on Uganda,” he said. The Chi­nese com­mu­nity in Uganda has a strong foot­ing in the oil and con­struc­tion busi­ness. In­de­pen­dent an­a­lysts es­ti­mate that close to 70% of the road in­fra­struc­ture in Uganda is be­ing con­structed by Chi­nese firms.

In light of the re­cent bank-re­lated in­ci­dents in Uganda Dodoo, stressed that Ecobank is fi­nan­cially healthy and be­lieves that there is great busi­ness po­ten­tial in the coun­try.

Dodoo said, “Ecobank is here to stay. This is why we have cho­sen to part­ner with the Chi­nese com­mu­nity in Uganda, who are key play­ers in the eco­nomic trans­for­ma­tion of Africa.”

Togo-based Ecobank be­gan op­er­a­tions in Uganda at the be­gin­ning of 2009 as a full-ser­vice bank pro­vid­ing whole­sale, re­tail, in­vest­ment and trans­ac­tion banking ser­vices and prod­ucts to gov­ern­ments, fi­nan­cial in­sti­tu­tions, multi­na­tion­als, in­ter­na­tional or­ga­ni­za­tions, medium, small and mi­cro busi­nesses and in­di­vid­u­als

Ac­cord­ing to lat­est fig­ures, Chi­nese ex­ports to Uganda were about $700 mil­lion in 2015 while China bought goods worth just over $50 mil­lion. Uganda has had diplo­matic re­la­tions with China since 1962.

SOLID LINKS: By cut­ting the cake, Ecobank (Uganda), has set course on of­fer­ing tai­lor-made banking so­lu­tions that will ease trade be­tween Uganda and China.

Newspapers in English

Newspapers from Burundi

© PressReader. All rights reserved.