Andrew Mashanda Appointed to Lead Business and Commercial Banking Across Africa and Offshore for Standard Bank Group As Head of Business and Commercial Banking, Africa Regions and Offshore, Andrew Mashanda will oversee Standard Bank Group’s SME and commercial client strategy across 20 African markets and global offshore hubs—bringing to the role over two decades of pan-African leadership, a proven track record in multi-entity financial management, and deep experience in scaling inclusive, technology-driven banking solutions.

Standard Bank Group has appointed Andrew Mashanda as the Head, Business and Commercial Banking (BCB), Africa Regions and Offshore, effective April 2025. In this role, Mashanda will lead the Group’s BCB franchise across 20 sub-Saharan African markets and selected offshore financial centres and hubs.

Mashanda, who served as Chief Executive of Stanbic Uganda Holdings Limited (SUHL) until December 2023, was subsequently recalled to the Group, where he has served until his current appointment. 

This appointment follows his recent service within the Group’s Africa Regions portfolio, to which he was redeployed after completing his tenure as Chief Executive of Stanbic Uganda Holdings Limited (SUHL) in December 2023.

He was succeeded at SUHL by Francis Karuhanga.

Stanbic Uganda Holdings Limited (SUHL) is a diversified financial services group comprising several subsidiary companies, including Stanbic Bank Uganda, SBG Securities, FlyHub, Stanbic Properties, and the Stanbic Business Incubator. 

“I’m happy to share that I’m starting a new position as Head, Business and Commercial Banking, Africa Regions and Offshore at Standard Bank Group!” Mashanda wrote on his LinkedIn feed.  

Proven Leadership with Continental Depth and Multi-Subsidiary Impact

Mashanda is a Standard Bank Group veteran, having joined in 2001 and held various leadership roles across the continent, including in Nigeria, Malawi, Kenya, and South Africa.  

During his three-year tenure as Chief Executive of Stanbic Uganda Holdings Limited (SUHL), Andrew Mashanda delivered strong and consistent financial performance across the group. Profit after tax rose from UGX 269 billion in 2021 to UGX 412 billion in 2023—a 53% increase—while return on equity remained robust, exceeding the 20% target in the three years. Customer deposits grew steadily from UGX 5.7 trillion to UGX 6.3 trillion, and total assets expanded to UGX 9.3 trillion by the end of 2023. The group also enhanced shareholder value, increasing dividend payouts from UGX 50 billion in 2021 to a combined UGX 280 billion in 2023 (interim and proposed).

These results were driven by a disciplined strategy across SUHL’s subsidiaries—Stanbic Bank Uganda, SBG Securities, FlyHub, Stanbic Properties, and the Stanbic Business Incubator—focused on sustainable growth, innovation, and stakeholder impact.

These results were driven by a focused strategy that prioritised sustainable growth, innovation, and stakeholder impact while consolidating and scaling the performance of SUHL’s subsidiary companies. Over the three years, new subsidiaries such as Stanbic Properties remained profitable with ongoing real estate projects, FlyHub recorded its first revenues and expanded automation services, and SBG Securities positioned itself for future growth through asset management diversification despite challenges in the capital markets. The Stanbic Business Incubator also strengthened its role in SME capacity development. Collectively, these businesses contributed meaningfully to SUHL’s operational resilience and financial performance, reinforcing the Group’s long-term value creation agenda.

A Broader Continental Mandate

The Business and Commercial Banking (BCB) segment within the Standard Bank Group plays a pivotal role in supporting the continent’s economic engine—small and medium-sized enterprises (SMES) and large commercial enterprises. The segment provides a comprehensive suite of solutions, including transactional banking, trade finance, lending, commercial card issuing, fleet and asset finance, card acquiring, international payments, and foreign exchange services. It also offers advisory, networking, and sustainability support, facilitated by experienced relationship managers who deliver personalised and regionally attuned services across sub-Saharan Africa and offshore hubs. 

Offshore within Standard Bank Group primarily refers to the Standard Bank Offshore Group, which serves high-net-worth and institutional clients from international jurisdictions. It operates as an extension of the group’s wealth, banking, and investment services, often domiciled in well-regulated offshore financial centres.

Business and commercial Banking accounts for 21% of the Group’s total revenue and 21% of headline earnings, while the Offshore business contributes 9% to headline earnings. 

Mashanda’s extensive executive experience across multiple African markets and his proven track record of leading multi-entity financial institutions make him exceptionally well-suited for this role.