Diamond Trust Bank Uganda Limited [DTBUL] commonly known as DTB has announced a merger plan.
In a message released on Tuesday, Uganda’s leading commercial bank announced that two city bank branches will be merged next month.
“Effective 1 June 2020, our DTB Nateete branch will be merged with DTB Ndeeba while Owino branch will be merged with DTB Nakivubo to serve you better,” a message from the Kampala road commercial bank partly reads.
“Customers will continue to access our banking services via agents, network branches, internet and mobile banking,” the statement continues.
A senior employee working with the bank spoke to TND News on Tuesday evening. Speaking on condition of anonymity, he said the move is aimed at reducing operations related expenditures and for the bank to stay “viable”.
Asked if the move to merge the two branches could be related to COVID-19 effects on most businesses, his answers were: “Of course, and you are aware most businesses are closed and people are no longer making enough money. This pandemic is affecting every institutions and banks are not spared.
“Secondly, where those branches are located, there is currently no sufficient businesses taking place there because our customers are home. It’s affecting our operations,” he added.
As at December 2018, the bank’s total assets were valued at about UGX: 1.606 trillion (approximately US$438.574 million), with UGX: 222.5 billion (approximately US$60.8 million) in shareholders’ equity, according to Wikipedia.
Also, quoting the same source, as of 31 December 2015, DTBUL was the seventh largest commercial bank in Uganda by assets, controlling about 4 percent of the assets in the banking industry.
The headquarters and main branch of the bank are located at the DTB Centre, at 17/19 Kampala Road, in Kampala City.