British Arab Commercial Bank (BACB) has signed a collaboration agreement with leading Uganda-based commercial lender Tropical Bank Limited (Tropical Bank) to mutually support a range of projects and trade opportunities.
London-based BACB has agreed to provide additional capacity and transaction support allowing Tropical Bank to increase the growth trajectory of its business activity. Making use of BACB’s extensive global network, the banks will collaborate on trade opportunities within Africa, as well as facilitating new business outside of the region.
Building on BACB’s efforts to upskill its banking partners in the region, the alliance will also foster improved knowledge sharing in relation to compliance, financial crime regulation and risk practices.
The agreement is part of a larger initiative by the banks’ shared parent group Libyan Foreign Bank, spearheaded by its Chairman Mohammed Addarrat, to establish a framework for future collaboration across financial institutions, promote leadership and strengthen international ties.
The partnership was driven by Paul Jennings, Nabil Frik, Bhavesh Dattani and Marie El-Hawat at BACB and Abdul Aziz Mansur, Managing Director, and Joweria Mukalazi, Executive Director, at Tropical Bank.
BACB’s Deputy Chief Executive Officer, Paul Jennings comments: “I am delighted to have secured this partnership with our colleagues at Tropical Bank. By providing additional capacity, we can participate on new deals in this promising region and support the growth of Tropical Bank’s business. It is very much a two-way collaboration and a key part of the agreement will be the sharing of knowledge, particularly in the field of compliance and regulation. This collaboration is possible thanks to the initiative led by Chairman Addarrat, which will add to our own expertise within African markets while boosting capabilities across the Libyan Foreign Bank group.”
Jowera Mukalazi at Tropical Bank comments: “We are thrilled to have entered this collaboration agreement with BACB, which has a proven track record in supporting a range of transactions across Africa. The capacity, knowledge and connections our colleagues in London can provide will be essential as we look to grow our business internationally. We look forward to partnering with BACB across a range of activities and transactions.”
In response Mohammed Addarrat, Chairman of Libyan Foreign Bank commented, “Following my recent visit to Uganda, I am pleased to see the on-going engagement amongst the Libyan Foreign Bank family of financial institutions, this collaboration between BACB and Tropical Bank marks an important step in the pursuit of trade opportunities across Africa.”
About BACB:
BACB is an international wholesale bank with 50 years’ experience providing international trade solutions to clients who want to trade in and out of developing markets. Based in London, BACB leverages its position in the world’s leading financial market to forge close links with the global banking community. The bank specialises in supporting trade flows to and from the Middle East and Africa, connecting them with the rest of the world.
About Tropical Bank:
Established in 1973, Tropical Bank has a vision to be the preferred Ugandan financial solutions provider. The bank is owned by the Government of Uganda and Libyan Foreign Bank, it exists to provide professional and personalised commercial banking services to various sectors of the Ugandan economy, including financial support to parastatals, corporates, SMEs, individuals and NGOs.
BACB is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority.
