Aug. 13 (Bloomberg) -- Tropical Bank Uganda Ltd., jointly owned by the Libyan and Ugandan governments, will start operations in Kenya in 2010 to expand in east Africa.

The Kampala-based lender plans to open units in other countries in the region, it said in a statement published today in the Daily Monitor newspaper, without providing further details.

Tropical Bank, with five branches in Uganda, plans to open two more outlets in the next two months and another three next year, the statement said. In May, the bank's shareholders approved plans to raise paid-up capital to 30 billion shillings ($18.6 million), from 15.6 billion shillings.

To contact the reporter on this story: Fred Ojambo in Kampala via Johannesburg at pmrichardson@bloomberg.net.

Last Updated: August 13, 2008 03:51 EDT