{{Use dmy dates|date=February 2021}} {{Infobox company | name = Uganda Commercial Bank Ltd | logo = | type = [[Government-owned corporation]] | slogan = | foundation = 1965 | defunct = 2001 | fate = Acquired by [[Standard Bank]], merged into [[Stanbic Bank (Uganda) Limited]] | location = Principal Office <br> [[Kampala]], [[Uganda]] | key_people = | industry = [[Banking]] | products = Loans, Savings, Consumer Banking etc. | revenue = | num_employees = | homepage = }} '''Uganda Commercial Bank Ltd (UCB/UCBL)''' was a [[Uganda]]n government-owned bank, and the largest financial institution in the country. In 2001 the bank was privatised and merged into [[Stanbic Bank (Uganda) Limited]].
==History== Uganda Commercial Bank (UCB) was established by an [[Act of Parliament]], "The Uganda Commercial Bank Act, 1965". The new bank was to replace the [[Uganda Credit and Savings Bank]].<ref>{{Cite web|url=http://www.ulii.org/ug/legis/consol_act/ucba196555178/|title=Free Law Books from The International Book Facility (ILBF) {{!}} ULII|website=ulii.org|language=en|access-date=2017-09-06|archive-date=28 July 2011|archive-url=https://web.archive.org/web/20110728142348/http://www.ulii.org/ug/legis/consol_act/ucba196555178/|url-status=dead}}</ref>
The bank extended banking services to rural areas, and steadily expanded its branch network throughout the 1960s and 1970s. In 1971/72, following the nationalisation of foreign-owned businesses by the government of [[Idi Amin]], the bank's branch network expanded rapidly when it took over most of the branches of foreign-owned banks - leaving Uganda Commercial Bank with nearly a monopoly in banking markets outside [[Kampala]]. The fall of Amin's government in 1979 brought a revival of [[aid|foreign development assistance]] to Uganda, some of which was channelled through Uganda Commercial Bank, leading to an increase in its share of medium-term financing and its loan portfolio. The bank's branches were also used to perform functions for the government, such as the handling of payments of taxes and school fees.<ref name=brownbridge>{{cite book |title=Banking in Africa: The Impact of Financial Sector Reform Since Independence |last=Brownbridge |first=Martin |year=1998 |publisher=Africa World Press |isbn=0-86543-693-2 |page=130 |url=https://books.google.com/books?id=Oi7vd9XXw7wC&pg=PA130|display-authors=etal}}</ref>
In the late 1980s, then chairman and managing director Dr. Frank Alfred Mwine led the bank in opening 130 new branches and further expanding its investments. Dr. Mwine was a Harvard Law educated Ugandan and a World Bank executive. By the 1990s UCB held around 50% of commercial bank deposits and had 190 of the 270 bank branches in the country. The second largest branch network at that time, the [[Co-operative Bank (Uganda)|Co-operative Bank]], had 24 branches.<ref name=brownbridge />
==Sale and merger== In the late 1980s and early 1990s, the government of Uganda adopted [[private sector development]] (PSD) policies and decided to divest itself of the majority of [[government-owned corporation]]s.<ref>[http://countrystudies.us/uganda/40.htm U.S. Library of Congress.] ''Economy of Uganda: Role of the Government''</ref>
In 1997, an agreement to sale 51% stakes in Uganda Commercial Bank was concluded with the [[Malaysia]]n industrial conglomerate [[Westmont Land Asia Bhd]]. However, in 1998, after Westmont failed to pay the agreed fee and was accused of acting fraudulently, the transaction was nullified. In 2001, 80% shares of the bank was bought by the [[South Africa]]n investment bank [[Standard Bank]]. Standard Bank merged Uganda Commercial Bank with its existing bank [[Stanbic Bank Uganda Limited]].<ref>{{cite news |title=Uganda's largest bank for sale |newspaper=BBC News |date=17 October 2001 |url=http://news.bbc.co.uk/2/hi/business/1604100.stm }}</ref>
==References== {{Portal|Banks}} {{Reflist}}
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[[Category:Defunct banks of Uganda]] [[Category:Banks established in 1965]] [[Category:Banks disestablished in 2001]]