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Financials

Uganda Stanbic Bank secures $55 mln to fund energy sector and others

KAMPALA, Sept 14 (Reuters) - Stanbic Bank Uganda (SBU), part of South Africa’s Standard Bank Group, said on Wednesday it had secured a $55 million syndicated loan to boost lending to a range of sectors including energy, manufacturing and telecoms.

SBU, the largest bank in Uganda by assets, reported last month that its operating profit jumped to 144 billion shillings ($43 million) in the first six months of 2016 from 92 billion shillings in the same period last year.

In a statement, SBU said four banks - Al Ahli Bank of Kuwait K.S.C.P, Bank of Baroda, SBM Bank (Mauritius) Ltd and The Commercial Bank (Q.S.C.) - acted as lead arrangers of the two-year loan. The loan facility was oversubscribed.

$1 = 3,368.0000 Ugandan shillings Reporting by Elias Biryabarema; editing by Edmund Blair and David Clarke

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