Djibouti’s Salaam African Bank (SAB) announced Aug. 9 that it has acquired Uganda’s Top Finance Bank, following approval from Uganda’s central bank announced the previous day (https://www.financialafrik.com/2022/08/09/salaam-african-bank-de-djibouti-acquiert-la-banque-ougandaise-top-finance-bank/).
The deal, described by the Djibouti-based bank as part of its global expansion strategy, follows equivalent transactions conducted over the past few months in Malaysia, Ethiopia and Kenya.
Top Finance Bank is currently Uganda’s leading private bank and will enable Ugandan savers to have products that are 100 percent compatible with the ethical criteria of Islamic finance, according to Salaam African Bank’s top management.
