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Tropical Bank Set to Close Mbale, Mbarara Branches

“With reference to your letter Ref:TBL/ED/72/20 dated 24th November 2020 on the above caption, We hereby convey Bank of Uganda approval of the request by Tropical Bank to permanently close Mbale and Mbarara branches by 31st January/2021” the letter reads in part adding that the central bank when the process of closure is complete.
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Tropical Bank has finalized plans to shut two of its branches.     

The branches that will be closed by 31st January, 2021 include Tropical Bank Mbale Branch and Tropical Bank Mbarara Branch.

According to a letter dated 15th December, 2020 signed by the Wasswa Hannington, the Director Commercial Banking in Bank of Uganda, the Central Bank has approved the request by Tropical Bank to close or merge some of its branches.  

“With reference to your letter Ref:TBL/ED/72/20 dated 24th November 2020 on the above caption, We hereby convey Bank of Uganda approval of the request by Tropical Bank to permanently close Mbale and Mbarara branches by 31st January/2021,” the letter reads in part.

Efforts by our reporter to get a comment from the Tropical Bank officials were futile as John Galabuzi, the Head of Marketing said that he was not in position to comment on the issue and referred this reporter to the Executive Director, Joweria Mukalazi who could not pick nor return our repeated calls.

However, a staff at the Mbale Branch who preferred anonymity told our reporter that the branch is closing because it has not been making profits since the Coronavirus (COVID-19) lockdown.  He expressed worry about where the staff at the branch will be going after the bank closes.  

“The closure of the branch means unemployment to us who have been working here,” said the sad looking staff member.      

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