Grapevine

UDB eyes wider reach with plan to open five new branches

Uganda Development Bank (UDB) has finalised a plan in which it will open five new branches in the countryside.

The move is part of the wider plan, through which, the development financing bank is seeking to bring services closer to the people.

UDB, which was established in 1972, has grown in terms of assets and loan book, operating through a single branch in Kampala.

However, while launching the 2023, Uganda Development Impact report at the weekend, Ms Patricia Ojangole, the UBD managing director, said they will be opening five new branches beginning this year in the cities of Arua, Gulu, Mbale Mbarara, and Hoima.

Through the new branches, the bank says, it will continue to support small and medium enterprises and large-scale projects in infrastructure, industrialisation, primary agriculture, fisheries, and livestock, agro-processing, and natural resources extraction, among others.