The central bank of Uganda has sold a 58.6% stake in Imperial Bank Uganda to Tanzania’s Exim Bank, ending its statutory management of the Ugandan bank.

"In accordance with its powers stipulated under Sections 88 and 89 of the Financial Institutions Act 2004 as amended, Bank of Uganda has recently sold 58.6% ordinary shares of Imperial Bank (Uganda) Ltd, formerly held by Imperial Bank (Kenya) Ltd, to Exim Bank (Tanzania) Ltd," the central bank said in a statement.

Imperial Bank Kenya was put under receivership in October 2015 by the Central Bank of Kenya following revelations of a major fraud scheme at the bank.

The central bank of Uganda however, decided to put the Ugandan unit under statutory management.

Following the transaction, Imperial Bank Uganda has been rebranded as Exim Bank Uganda and has appointed a new board of directors.