/ 3 October 2001

STANBIC BIDS FOR UGANDA’S STATE BANK

SOUTH Africa’s Stanbic Bank is one of two banks bidding to acquire a 51% stake in state-owned Uganda Commercial Bank Limited (UCBL), Uganda’s finance minister said on Monday. The other bank whose bid has been received is the Development Finance Company of Uganda. Controversy has erupted over UCBL’s privatisation with the Ugandan parliament demanding that the process be stopped and that majority shareholding be sold to Ugandans through the Kampala stock exchange. – AFP