Uganda's central bank sells Imperial Bank stake to Tanzania's Exim

March 7, 2016 1:52 PM

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KAMPALA, March 7 Uganda's central bank said on Monday it had sold a majority stake in Imperial Bank to a Tanzanian financial institution, almost four months after taking it over due to concerns about its Kenyan parent company.

Formerly owned by Kenya's Imperial Bank Limited, Imperial Bank was a small player in Ugandan banking which was taken over after Kenyan authorities assumed management of the parent, citing "unsafe or unsound business conditions."

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