UK-Based Financial Services Group Barclays Buys Niles Bank of Uganda and Plans to Enter Microfinance Sector in Uganda

Barclays, a UK-based financial services group, has announced intentions to buy Nile Bank of Uganda; signing of the deal is expected this week with approval from the Bank of Uganda to follow shortly. The addition of former Nile Bank branches will extend Barclays’ presence beyond Kampala and into rural areas. In an effort to further reach out to customers, the bank plans on broadening its retail product range and venturing into small and medium enterprise (SME) banking, the mainstay of Nile Bank during its 19-year existence.

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