Adeniji disclosed this in a statement to DAILY POST on Wednesday. Recall that the Bank of Uganda had recently approved the request by GTBank Uganda and two other banks to transit from Tier 1 Commercial Bank to Tier 2 Credit Institutions. Commenting on the development, Adeniji stated, 'Continuing operations as a Tier 2 Credit Institution is within the Bank's current capital base and will allow us to play to our core strengths in Retail and SME Banking.
Accordingly, the bank explained the reclassification position has become necessary given the Bank's current paid-up share capital position of UGX 41 billion and the recent increase in the minimum paid-up share capital requirement for Tier 1 Commercial Banks operating in Uganda to UGX 120 billion effective 31 December 2022, and subsequently to UGX 150 Billion by 30 June 2024.
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