The bank's branches were also used to perform functions for the government, such as the handling of payments of taxes and school fees.
[2] In the late 1980s, then chairman and managing director Dr. Frank Alfred Mwine led the bank in opening 130 new branches and further expanding its investments.
[2] In the late 1980s and early 1990s, the government of Uganda adopted private sector development (PSD) policies and decided to divest itself of the majority of government-owned corporations.
[3] In 1997, an agreement to sale 51% stakes in Uganda Commercial Bank was concluded with the Malaysian industrial conglomerate Westmont Land Asia Bhd.
However, in 1998, after Westmont failed to pay the agreed fee and was accused of acting fraudulently, the transaction was nullified.