Bank of Baroda (U) Ltd is a Winner of the 2019 Uganda Responsible Investment Award (URI Award) held on 22nd November 2019 at Imperial Royale Hotel Kampala during a High Level Uganda Responsible Investment Summit and Award Ceremony presided over by H.E Yoweri Kaguta Museveni President of the Republic of Uganda and Hon Evelyn Anite Minister of State for Privatisation and Investment. The 2019 Uganda Responsible Investment Summit and Award Ceremony was organised by Public Opinions and Office of the Minister of State for Privatisation and Investment. The award is offered to Companies and organisations which promote and uphold International Best Standards and Practices and have made tremendous contributions towards attainment of Uganda Vision 2040 and the United Nations Sustainable Development Goals.Bank of Baroda Uganda Ltd was Ranked by Public Opinions on 22nd November 2019 as the Best Corporate Banking Institution in Uganda.
Bank of Baroda (U) Ltd started its operations on 18.12.1953 by opening its first branch at Kampala. Later on, it was incorporated as Subsidiary of Bank of Baroda-India with 49% shareholding of Govt. of Uganda. Under privatization move of Govt. of Uganda, Parent Bank- Bank of Baroda (India) became the sole owner by taking over 49% shareholding of Govt. of Uganda on 07.06.1999 and divested 20% shares to public in Sept. 2002.
In June 2002, bank split its share of Ugx.1,000/- each into Ugx.100/- each before divestment of 20% shareholding to the public. The IPO of 20% shares having face value of Ugx.100/- were offered at Ugx.600/- during Sept. 2002. Further, split of Bank’s share in a ratio of ten shares for every one share held has been affected on 08.09.2008. Consequently the nominal value of each ordinary share of UGX.100/- has been converted into UGX.10/- each.
Pursuant to the Financial Institutions (Revision in Minimum Capital Requirements) Instrument 2010, the Bank has enhanced its capital from Ugx 4.00 Bn to Ugx 25.00 Bn in two phases. The number of ordinary shares of Ugx 10/- each has also increased from 400,000,000 to 2,500,000,000.At present Bank of Baroda, India holds 80% shares of the Bank.
Bank of Baroda (u) Ltd was the first Financial Institution in the country to list its shares at the Uganda Securities Exchange. The Bank issued bonus to its shareholders at two occasions in 2011 and 2013.
- In 2011, the Bank increased its capital from Ugx 4.00 Bn to Ugx 10.00 Bn by issuing bonus shares to its shareholders.
- In 2013, the Bank again increased its capital from Ugx 10.00 Bn to Ugx 25.00 Bn by issuing bonus shares to its shareholders.
The Bank has facilitated unprecedented capital growth for its shareholders. Baroda shares have appreciated by 15 times of the initial investment in a span of 10 years which shows the respect and image of Brand Baroda.
Baroda is serving Ugandans uninterruptedly for more than 6 Decades. The Bank has contributed significantly in the reconstruction and development of the economy for more than 60 years of service to the people of Uganda. The Bank is one of the foremost leading international banks in the country presently operating through its 35 service outlets i.e. 15 (Fifteen) branches and 20(Twenty) ATMs with a wide geographical reach throughout Uganda. Baroda is one of the most compliant Banks in the country.
Baroda believes in rendering highest quality of service, customer care and operational excellence. The Bank therefore operates on a Robust Technology platform called “Finacle” since 2008. Transaction Based Internet Banking “Baroda Connect” offered by the Bank is best in the class in the whole banking industry.
Baroda provides an array of products ranging from Savings Bank account, Current account, Time Deposits, Loans & Advances, ATM facilities, Forex, Treasury, Remittances, Brokerage and Investment advisory, to mention a few besides remittance, forex, collection of URA taxes, water payment of NW&SC, NSSF contribution , Umeme Power Bills etc.
Bank of Baroda has in its own humble way tried to touch many aspects of community care by contributing towards various causes and helping the poor, downtrodden and underprivileged persons which are being looked into by very good organizations. It is a way to give back to the society by supporting the efforts of the Government, NGOs, educational institutions and organizations. The Bank has been contributing for the following causes:
- Two oxygen concentrator machine donated to Bugolobi Health Center.
- Eye Sight saving camp conducted in conjunction with Lions Club Jinja at jinja branch.
- Blood donation camps at regular intervals.
- Donation for Heart Surgery of Ugandan Children in India through Indian Association.
- Donation of Delivery Bed to Malera Health Center through Rotary Club at Mbale.
- Financial Support to Bududa District for Disaster Commemoration through Mbale Branch.
Education & Religion
- A scholarship to meritorious students of Busoga University.
- Scholarship of education of Late Andrew Onek's two children for their two term fee.
- Donation for construction of the classroom and teachers’ residence of Kagati Primary School.
- Donation for construction of the roofing of new church building of ST LUKE BWEYO GERERE CHURCH OF UGANDA.
- Sponsoring of Baroda Open Badminton Tournament conducted by Uganda Badminton Association.
- Sponsoring of Western Uganda Rugby Tournament organized by Mbarara University of Science & Technology at Mbrara.
- Sponsoring Charity Walk/Marathon for Cancer Patients.
- Promoting culture and religious activities.