By Jackson Oboth
As the world moves towards the adaptation of FinTech to facilitate development in all sectors, shrewd investors are now turning their focus to financial institutions as their investment choices.
This was evidenced in Wednesday’s trading at the Uganda Stock Market where Telecommunications Mogul Charles Mbire acquired a huge stake into Bank of Baroda through a single purchase of 23,529,400 shares worth billions of shillings.
Mbire known for his discernful investment traits now adds banking to his long list of investments which include Telecommunications (MTN) which is currently trading on the Uganda Securities Exchange where he boasts of a 4 percent share value worth over 55 million dollars. His other investments include Logistics (FF), Revenue Assurance- Invesco , Oil services- (INVESCO Tech, Real Estate and oil exploration.
Officials at Uganda Securities Exchange are upbeat about the trading activities on the Stock Market. One of them who spoke on condition of anonymity had this to say;
“The world is moving towards the use of Fintech to enhance development in all sectors. To a man like Mbire, the acquisition of such a substantial stake in Bank of Baroda can only be done after a careful evaluation of the global business trends. With that kind of shares, Mbire is probably the biggest individual shareholder at the bank of Baroda.”
Bank of Baroda Uganda, initially wholly owned by Bank of India is one of the most robust banks in Uganda, ranked by the World Bank as one of the top 1000 banks in the world.