Charles Onyango-Obbo was always in the vanguard of supporting to give away UCB, (the family silver-ware), to foreigners for just one dollar.
Now see the wealth the British slave master is looting out of Africa.
As Museveni so correctly said, idiots like Obbo deserve to be enslaved.
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StanChart records 203pc profit growth across the continent
By A CORRESPONDENT
The EastAfrican
The Standard Chartered Bank Group has registered a strong performance in its Africa operations, recently released results of the first half of the bank's 2006/7 financial year show.
Standard Chartered Bank Uganda managing director David Cutting told The EastAfrican last week that the results were sourced from the 12 African countries where the bank operates.
The bank, Mr Cutting said, recorded a 203 per cent rise in operating profit-before-tax to $91 million; a 24 per cent rise in operational income to $315 million and a 19 per cent growth in consumer banking profits, while its wholesale banking business's operating profit grew by more than 600 per cent.
Mr Cutting also revealed that the bank's operations in Kenya made the most significant contribution to its income growth on the continent. The other leading performers were Nigeria, Ghana and Zambia.
He however lauded the contribution of Uganda and Tanzania to the bank's income growth, arguing that the performance of each country is directly proportional to the size and health of its economy relative to the other Standard Chartered Bank countries on the continent.
According to Mr Cutting, the presence of the bank in all three East African countries makes it "ideally placed to service its customers in this region as harmonisation becomes more of a reality."
He outlined the major challenge to lending in Uganda as the difficulty in matching the tenure of loans and the tenure of deposits, the inadequacy of funding to support loan assets and the lack of enough information to enable the bank to evaluate risk properly. Commercial banks, he noted, still face major problems in their efforts to verify the ownership of property and land.
"Until a credit reference bureau is in place," Mr Cutting said, "the verification of the extent of borrower liability is unreliable."
Standard Chartered Bank is one of several banks in Uganda without an extensive nationwide banking network. According to Mr Cutting, the banks are not exploiting their potential.
"I agree that the industry probably has excess capacity to undertake more lending," he said, "but we are satisfied with our progress in growing our loan portfolio. We are concerned about deposit growth, but we are aggressively pursuing sources of new deposits."
Uganda's banking sector, he added, is now providing better and more relevant products. For instance, he noted, Standard Chartered Bank continues to introduce creative savings products like the recently launched Safari Savings Account and the Live Your Dream car campaign which, he said, brought on board a number of new customers.
According to Mr Cutting, although commercial banks do not face any unique challenge in attracting deposits and borrowers, he had noted that ease of access and service were critical considerations for most depositors. On the other hand, borrowers look at price structure and flexibility.
Mr Cutting said there is no general way for commercial banks to reduce interest rates because they are market driven.
"The actual rate charged will be a function of the bank's cost of funds, the risk profile of the customer and other costs associated with operating the business," he said.
Most commercial banks in Uganda currently offer interest rates of between 15 per cent and 17 per cent.
"The important thing for the public to understand," Mr Cutting added, "is that the actual interest rate charged is customer and situation specific."
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