ABSA BANK UGANDA & STANBIC BANK AWARDED FOR PERFORMING BEST
Today, Wednesday, February 19, 2020; the Governor Bank of Uganda, Prof. Emmanuel Tumusiime-Mutebile presented awards to Stanbic Bank Uganda and ABSA Bank Uganda for performing best in dealing in government securities for the months of December 2019 and January 2020 respectively. This was at the quarterly Uganda Bankers Association meeting held at BoU headquarters.
The Bank of Uganda initiated the “Award for the Best Performing Primary Dealer in Uganda Government Securities for the Month” to recognize the Primary Dealer that performed best in trading Uganda Government Securities and transmitting information regarding the status of the financial markets to the Central Bank.
A Primary Dealer is any financial intermediary that has signed a Memorandum of Understanding with the Bank of Uganda to execute the following actions on a consistent basis:
•To participate as counter-party in Uganda Government securities auctions conducted by the Bank of Uganda.
•To provide the public with prices or yields that they will buy and sell “On-the Run” (the most recently auctioned) Uganda Government securities. i.e. Treasury bills and Treasury bonds on a continuous basis.
•To provide the public with prices or yields that they will buy Off-the-Run (Other than the most recently auctioned) Uganda Government securities on a continuous basis.
•To trade with the public Uganda Government securities at the prices or yields that they have quoted.
•To make available information on the status of the market to the Bank of Uganda on a timely basis.
The points allocated for the Award to the Best Performing Primary Dealer in Uganda Government Securities for the Month are aggregated to determine the winner of the prestigious award.
ABSA BANK UGANDA
By 2001, the bank had become a wholly owned subsidiary of Barclays. Since March 2016, the bank has been wholly owned by the Barclays Africa Group. With the re-branding of Barclays Africa Group, in 2018, Absa Bank Uganda is a 100 percent subsidiary of Absa Group Limited.