However, as deficits surged and the Greek government revealed a much larger deficit than previously thought, the attention focused more on the state of public finance. From then on, and in particular after the downgrading of Greek bonds by all the major rating agencies, the financial crisis that originated in the US turned into a sovereign debt crisis with a European epicentre.
KCB opened its doors to the Ugandan public in November 2007. This was after the lifting of the moratorium on licensing of new Commercial Banks in 2004. The licensing ban had been put in place following several bank failures in the late 1990s.