RENNAISANCE Merchant Bank has set its sights on securing a management contract in Uganda.
If the plans are
successful the move will result in the company becoming the first financial institution to enter the east central African country.
The latest development by Renaissance comes hard on the heels of an appeal by Reserve Bank of Zimbabwe governor Gideon Gono early this month when he said local financial institutions should expand their businesses in the continent through management contract deals.
Renaissance chief executive officer Patterson Timba this week said no firm decision had been made on when they would expand their operations to Uganda.
“I am not in a position to say anything right now. As you know everyone is realigning their operations, but I cannot say anything on Uganda. But who told you that?” Timba said. “When we are ready to tell you where we are going then we will do that, but not now.”
Last year Renaissance tried in vain to expand operations to Sierra Leone.
Todate only one local financial institution Trust Bank Corporation Ltd has expanded operations to West Africa – where it established a bank in Ghana.
Although Timba refused to shed light on their plans, personnel close to the initiatives said the group was finalising their “analysis of Uganda”.
Renaissance recently snapped up Banfords Stockbroking firm for $9 billion.
Last month Gono appealed to local financial institutions to seek management contracts in their drive for continental expansion.