thank each and every one here present especially, the board and management staff and customers for your important contributions that brought tropical bank to where it is today. last but not least, your excellency, i would like to inform the general public that the east african cross boarder payment system ( eaps ) which is an initiative of the east african central banks went live on monday 25 november 2013 and is now operational in three countries namely ; kenya, tanzania and uganda. rwanda and burundi are expected to join the integrated regional payment system at a later date when ready. eaps is a multi currency system in which payments are effected using any of the currencies of the eac partner states. it will make cross boarder payments easier and facilitate safe and efficient transfer of monetary value within the region. eaps will also be vital in promoting regional trade and enhancing economic integration. with these remarks, allow me once again to extend my heartfelt congratulations to tropical bank limited on their 40th anniversary and wish them many more fruitful years of banking operations in uganda. i thank you. bis central bankers ’ speeches

louis kasekende : developments in uganda ’ s banking industry speech by dr louis kasekende, deputy governor of the bank of uganda, on the occasion of celebrating forty ( 40 ) years of tropical bank limited ’ s banking operations in uganda, kampala, 4 december 2013. * * * your excellency, the president of the republic of uganda the hon. minister of finance, planning and economic development the board of directors, tropical bank limited the managing director and senior management of tropical bank limited invited guests in your respective capacities ladies and gentlemen i wish to first and foremost, welcome and thank his excellency the president of the republic of uganda, president yoweri kaguta museveni for taking time off your busy schedule to come and join us at this auspicious occasion when tropical bank limited is celebrating forty ( 40 ) years of successful operations in uganda and also launching its new corporate identity. i also wish to congratulate the shareholders ( the governments of libya and uganda ) together with the board of directors, management and staff of tropical bank upon the attainment of 40 years of banking operations in uganda. tropical bank, as you have already heard, opened its doors to the public in uganda in 1973 under the name the libyan arab bank for foreign trade and development. in order to suit the changing trends and maintain its competitiveness in the banking industry, tropical bank has rebranded a number of times since inception in 1973. in 1994, the bank ’ s name was changed from libyan arab uganda bank for foreign trade and development to tropical africa bank limited. in may 2006, the bank again changed its name to tropical bank ltd. your excellency, please allow me also to point out that the bank has continued to work very closely with bank of uganda especially during its challenging times. in 2011, the un security council imposed a freeze on assets of the government of libya and associated entities including the libyan foreign bank, the majority shareholder of tropical bank. consequently bank of uganda on march 25, 2011 put in place measures that were intended to protect the interest of depositors. tropical bank continued to operate normally and remained in a safe and sound condition. the bank ’ s financial condition has remained strong with capital position of shs. 46. 51 billion ( well above the statutory requirement of shs. 25bn ), branch network of ten ( 10 ) and sixteen ( 16 ) atms. the bank has also improved its it platform in order to provide customized financial services in the