Uganda Says Libya-Owned Tropical Bank Unaffected by Sanctions

March 01, 2011, 2:22 AM EST

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By Fred Ojambo

March 1 (Bloomberg) -- Tropical Bank Ltd., a Libyan-owned Ugandan lender, will be unaffected by United Nations-backed sanctions imposed on the North African country, the Bank of Uganda said.

“The current situation in Libya does not in any way affect the financial sector in Uganda,” the Kampala-based central bank said in a statement published today in the Daily Monitor newspaper. “Tropical Bank Ltd. is very well capitalized. Total capital is well above the minimum regulatory requirements.”

Libya Foreign Bank owns 99.7 percent of Tropical, while the Ugandan government owns the rest, according to the lender’s website.

To contact the reporter on this story: Fred Ojambo in Kampala at fojambo@bloomberg.net
To contact the editor responsible for this story: Paul Richardson at pmrichardson@bloomberg.net