I would like to commend the Board and the management of Bank of Baroda for their foresight in issuing bonus shares to facilitate the increase in the bank’s paid up capital, as well as for their continued good stewardship of the bank.
The Bank of Uganda raised the minimum paid up capital requirement for banks, from Shs 4 billion in 2011 to Shs 25 billion. The motivation for the increase was both to strengthen the capital base of banks and to bring our minimum paid up capital requirement closer to those of our partners in the East African Community.