Stanbic Bank, Uganda’s largest bank, by assets, lending, deposits and profit, has picked Emma Mugisha as its Executive Director, a credible source at the bank confirms. However, her ascension to the role is dependent on the Bank of Uganda’s approval.
The Executive Director role is a de facto No.2 position in the bank.
According to sources within the bank, she will still retain her Head, Corporate and Investment Banking (CIB), since December 2018. CIB is a lucrative part of the Stanbic Uganda business that generates about 41% of revenue for the bank. The business unit includes services to governments, parastatals, larger corporates, and high net worth individuals, financial institutions and international counterparties.
Before CIB, Emma was the Head, Transactional Products and Services at Stanbic Bank for slightly over 5 years, since 2013.
Emma crossed over to Stanbic in 2013, from Barclays Bank Kenya (now Absa Bank Kenya) where she was the Industry Head, Trade and Services, Business Banking. But it is at Barclays Bank Uganda (now Absa Bank Uganda) that she spent 7 years sharpening her banking edge. She joined Absa Bank Uganda in November 2004 as the Country Treasurer, then became the Head of Business Banking briefly before moving to Kenya.
Before that, Emma also spent 3 years at Citibank as the Treasury Marketing Unit Head and another 3 years at Faulu Uganda (now Opportunity Bank) as a Loans Officer.
Uganda’s Corporate Finance and Capital Markets Luminary, Miriam Ekirapa Musaali, Passes On
Chief Executive Officer; Emma Mugisha, Executive Director; Grace Muliisa, Head, Personal and Business Banking; Barbara Dokoria, Head, Compliance; Rita Kabatunzi, Company Secretary; Patricia Nshemereirwe, Head Of Operations; Yvonne Namutosi, Head, Service Quality; Gladys Muchae, Head, Credit; And Candy Okoboi, Head, Legal. Stanbic Bank Uganda as 52% female staff; 60 per cent female ExCom and 42% female managers. 50% of the board is also female.
She holds Master of Business Administration RSM Erasmus Universiteit and MBA from Makerere University. She also serves on the board of Financial Sector Deepening Uganda (FSDU).
By appointing Emma Mugisha, Stanbic Bank becomes the second bank to have a woman-only Chief Executive and Executive Director- the other Bank is Finance Trust Bank.
Standard Bank Group, Stanbic’s parent group, has set itself a target of having at least 20% female chief executives within the group by 2021 as part of its commitment to the UN’s global solidarity movement for gender equality- HeForShe. Across the group, women currently hold 32.3% of executive positions and 40.3% of senior management positions, and these figures continue to climb, according to Anne Juuko, the CEO, Stanbic Uganda.
In Uganda, Stanbic has set the bar very high for other financial institutions in gender-balancing in an industry that is too high on testosterone. As at the end of 2019, out of the bank’s 1672 staff, 865 (52 per cent) were women. 60% of the bank’s senior executives are female and female employees hold 42% of the managerial roles. 50% of the board is also female.
