PostBank Uganda has finalised plans to change its name to Pearl Bank Uganda, officials have said.
Speaking during the bank’s annual general meeting on Thursday, Finance Minister, Matia Kasaija who is one of the bank’s shareholders said they had agreed to have the name changed, subject to Bank of Uganda approval.
“I stand here to announce that we as shareholders of PostBank have approved the rebrand of the Bank to a name that evokes a sense of pride in all of us, in being Ugandan. A name that is worldwide known to be a symbol of purity, wisdom, wealth, status, and prosperity,” Kasaija said.
“Taken from Sir. Winston Churchill’s portrayal of Uganda as “The Pearl of Africa” for its natural beauty, abundant wildlife, and cultural diversity, PostBank will rebrand to become Pearl Bank Uganda Limited, which is subject to Bank of Uganda approvals.”
Kasaija asked Ugandans to be part of the bank’s journey to strengthen its ability to foster prosperity among Ugandans.
“On behalf of the shareholders, I wish the Bank continued success as they begin this transition period of the rebrand. ”
Financial Results
During the AGM it was announced that PostBank has continued to showcase resilience, growth, and stability among other key metrics, which yielded strong performance results for the year ending 2024 by posting shs35.4 billion in profit after tax.
PostBank also grew its income by 20% from shs206 billion to shs248 billion while deposits grew by 25% from shs790 billion to shs990 billion, and the loan book grew by 19% from shs 603 billion to shs719 billion.
“I am very delighted by the progress the bank has made in solidifying its position as a transformative force since becoming a fully-fledged commercial bank in December 2021,” said the Board Chairman, Mr. Andrew Otengo Owiny.
“The bank has continued to support the government’s programmes, including digitizing payments for the Parish Development Model through Wendi, which has created convenience and transparency as the funds can now be pushed directly to the ultimate beneficiary.”
At the start of the year, PostBank Uganda rolled out its purpose of Fostering
PostBank Uganda Managing Director Mr. Julius Kakeeto noted that rebranding is part of the wider strategy to grow PostBank into a leading indigenous commercial bank.
“Rebranding enables the bank to attract strategic partners and high-value deposit customers. This will enable the bank to continue supporting MSMEs and the agriculture value chain, in the process growing
productivity and incomes of Ugandans,” Kakeeto noted.
