On the 14th November 2002, Bank of Baroda (Uganda) Ltd shares were officially listed on the USE making Bank of Baroda the first financial institution to list their shares on the USE.
Their IPO of September 2002 was 16.7% oversubscribed and the initial trading of the share saw the price rise from Ushs 600 to Ushs 715 per share representing a 20% increase.
Bank of Baroda (U) Ltd is a subsidiary of Bank of Baroda, India, one of the leading Banks in Asia with over 2,750 branches in seventeen countries. It has been operating in Uganda since 1953 and celebrates 50 years of operations in 2003.
Bank of Baroda Uganda started in 1953 as an overseas branch of Baroda, India but was duly incorporated as a separate entity in Uganda in 1969. Government of Uganda then acquired 49% shareholding of Bank of Baroda leaving Baroda, India with 51% shareholding.
Currently, Bank of Baroda (Uganda) Ltd is one of the main international Banks in Uganda with six branches around the nation.
Basing on 2001 Financial Statistics Bank of Baroda was placed as the sixth largest bank in Uganda with a array of products ranging from savings current and time deposits to ATM facilities, custodial services, brokerage and investment advisory, to mention but a few.