The Bank of Uganda has already licensed the Continental Trust Bank from Nigeria whose shareholders also invested in the National Insurance Corporation, and the Kenya Commercial Bank, which will start their operations soon. I am pleased to announce that just this morning I approved the application of another large Nigerian Bank, the United Bank for Africa Plc to open Commercial Banking Business in Uganda.
All this is very good news for the development of our financial sector. We should thank the Government for providing the enabling environment for foreign and local investors alike.