Uganda's central bank said on Monday it had sold a majority stake in Imperial Bank to a Tanzanian financial institution, almost four months after taking it over due to concerns about its Kenyan parent company.

Formerly owned by Kenya's Imperial Bank Limited, Imperial Bank was a small player in Ugandan banking which was taken over after Kenyan authorities assumed management of the parent, citing "unsafe or unsound business conditions."

In a statement Bank of Uganda (BoU) said it had "recently sold 58.6 percent ordinary shares of Imperial Bank (Uganda) Ltd, formerly held by Imperial Bank (Kenya) Ltd, to Exim Bank (Tanzania) Ltd."

BoU did not disclose the value of the transaction, but said it had ceased management of the bank on Monday.