PostBank Uganda to Rebrand
By Admin
PostBank Uganda is to rebrand to Pearl Bank Uganda Limited as a strategic move endorsed by its shareholders. This comes at a time when the Bank is being commended by its shareholders for its incredible performance. The Bank is lauded for being among the most profitable Government entities after posting 35.4 billion shilling Profit After Tax in 2024 Financials.
At the Bank’s 2024 Annual General Meeting, it was revealed that PostBank Uganda grew its income by 20% from 206 billion to 248 billion shillings with deposits growing by 25% from 790 billion to 990 billion shillings while the Loan book grew by 19% from 603 billion to 719 billion shillings.
PostBank Uganda managed to close the year with a Profit After Tax of 35.4 billion shillings, reflecting a 28% growth from 2023.
The Board Chairman PostBank Uganda, Andrew Otengo Owiny, expressed delight over the progress the bank made in solidifying its position as a transformative force since becoming a fully-fledged commercial bank in 2021.
Owiny said that the bank has continued to support the government’s programmes, including digitizing payments for the Parish Development Model through Wendi.
Julius Kakeeto, PostBank Uganda Managing Director, noted that rebranding is part of the wider strategy to grow PostBank into a leading indigenous commercial bank.
Kakeeto said that four years ago, the bank’s emphasis was on strengthening governance and risk management, deploying the right technology, improving service, and becoming profitable.
He added that last year, the bank’s strategy evolved into delivering economic and social impact sustainably, as evidenced by rolling out a new Purpose of “Fostering Prosperity,” which is implemented through driving Financial Inclusion and stimulating Entrepreneurship.
“ Rebranding enables the bank to attract strategic partners and high-value deposit customers. This will enable the bank to continue supporting MSMEs and the agriculture value chain, in the process growing productivity and incomes of Ugandans,” Kakeeto concluded.
During the AGM, Matia Kasaija, Minister of Finance announced that the government as shareholders of PostBank had approved the rebrand of the Bank to become Pearl Bank Uganda limited, a name that evokes a sense of pride in all Ugandans.
Kasaija said that the new name, taken from Sir. Winston Churchill’s portrayal of Uganda as “The Pearl of Africa” is worldwide known to be a symbol of purity, wisdom, wealth, status, and prosperity.
This rebrand to Pearl Bank Uganda Limited is subject to Bank of Uganda approvals.
Minister Kasaija added that, “On behalf of the Shareholders, I wish the Bank continued success as they begin this transition period of the rebrand.
“ I invite all the Bank’s customers and Ugandans at large to be part of this journey that will strengthen the Bank’s ability to foster prosperity for Ugandans through driving sustainable financial inclusion and supporting governments ATMS strategy especially in Agriculture Value addition.”-Kasaija noted
