GTBank Shifts Status After Bank of Uganda Reclassification 🇺🇬

GTBank Shifts Status After Bank of Uganda Reclassification 🇺🇬

The Bank of Uganda's reclassification of Guaranty Trust Bank (GTBank) and two others from Tier I commercial banks to Tier II credit institutions signals a strategic shift in the Ugandan banking landscape.

Guaranty Trust Bank (GTBank) has been reclassified from a Tier I commercial bank to a Tier II credit institution by the Bank of Uganda (BoU). Alongside two other banks, GTBank applied for the new status due to anticipated challenges in meeting the country's new capital buffer requirements. The reclassification limits these banks to accepting deposits and holding savings accounts, but bars them from offering current accounts or engaging in foreign currency trading. Despite the shift, GTBank remains focused on its core strengths in retail and SME banking, aiming to maximize shareholder value while aligning with global economic realities.

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