The shareholders of PostBank Uganda have approved a resolution to change the company’s to Pearl Bank Uganda Limited, in a move aimed at aligning with the bank’s strategic growth agenda and national pride.
The rebrand is now subject to regulatory approval by the Bank of Uganda.
This development was announced during the bank’s 2024 Annual General Meeting (AGM) held at the Ministry of Finance (MoFPED) offices in Kampala on where shareholders lauded the bank’s strong financial performance, having posted a Profit After Tax (PAT) of UGX 35.4 billion in 2024 to emerge as one of Uganda’s most profitable government entities.
Finance Minister Matia Kasaija, while speaking at the AGM, confirmed the shareholder resolution and underscored the symbolic value of the new name.
“I stand here to announce that we shareholders of PostBank have approved the rebrand of the bank to a name that evokes a sense of pride in all of us, in being Ugandan,” Kasaija said. “PostBank will rebrand to become Pearl Bank Uganda Limited, which is subject to Bank of Uganda approvals.”
Kasaija explained that the name was inspired by Sir Winston Churchill’s description of Uganda as “The Pearl of Africa”, to reflect the country’s beauty, diversity, and richness in natural and human resources.
The company’s total income rose by 20% from UGX 206 billion to UGX 248 billion, while customer deposits surged by 25% from UGX 790 billion to UGX 990 billion. The bank’s loan book also expanded by 19%, from UGX 603 billion to UGX 719 billion.
PostBank’s net profit of UGX 35.4 billion reflects a 28% growth from the previous financial year, affirming its transformation trajectory since becoming a fully licensed Tier I commercial bank in December 2021.
Board Chairman, Andrew Otengo Owiny ,said the bank has become a “transformative force” in Uganda’s financial landscape, continuing to support key government initiatives such as digitizing Parish Development Model (PDM) payments via the Wendi platform, which ensures direct and transparent disbursements to beneficiaries.
PostBank Managing Director, Julius Kakeeto said the rebrand is part of a broader strategy to position the company as a dominant indigenous bank.
“Rebranding enables the bank to attract strategic partners and high-value deposit customers,” Kakeeto noted. “This will allow the bank to scale support to MSMEs and the agricultural value chain, helping improve productivity and incomes of Ugandans.”
PostBank’s name change comes after five years of solid transformation and growth, during which the Bank has expanded access to financial services, increased support to MSMEs and agriculture, and demonstrated strong performance in driving inclusive banking.
