The Standard Bank Group has named Francis Karuhanga as the new Chief Executive for Stanbic Uganda Holdings (SUHL), the listed entity under which Stanbic Bank, Uganda’s largest bank is operated. SUHL is also the holding entity for the Group’s four other subsidiaries—Stanbic Properties Limited, SBG Securities, Stanbic Business Incubator, and FlyHub.
Francis Karuhanga replaces Andrew Mashanda, who according to Patrick Mweheire, the Standard Bank Group Regional Chief Executive for East Africa, will be taking on a new role within the Group—after December 31, 2023.
“It is worth noting that Mr. Karuhanga has accepted to leave his current role as Group Chief Auditor—a top 15 position in the organisation’s Global Leadership hierarchy, to become our new Chief Executive for SUHL. The deployment of such an important member of the Group’s leadership is a sign of commitment to our purpose of driving Uganda’s growth,” said Mr. Mweheire.
Mr. Karuhanga, a Ugandan, joined the Standard Bank Group in Uganda in 2001 as an Internal Auditor and has risen through the ranks and various leadership positions to become the Group’s Chief Auditor, a role, based in Johannesburg South Africa.
Before joining the Standard Bank Group, he worked as a Finance Officer for one year at Standard Chartered Bank Uganda.
His finance and banking career spans over two decades and has gained wide-ranging senior leadership experience spanning over 15 years, ten of which have been at the executive management level. He is deeply skilled in risk management covering corporate, investment, commercial and retail banking portfolios. He is a Fellow of the Association of Chartered Certified Accountants (FCCA UK), and a Certified Financial Services Auditor (CFSA) who holds a master’s degree in accounting and finance as well as a Bachelor of Commerce degree (Accounting).
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“We are confident that with his strong record of being a collaborative leader and an aptitude for building and leading teams, developing, and motivating people, Mr. Karuhanga will consolidate the growth of our franchise, building on the work of his predecessor to continue delivering exceptional value for our shareholders, and customers,” said Mweheire.
A member of the Standard Bank Group—Africa’s largest lender by assets, Stanbic Uganda Holdings Limited (SUHL) is listed on Uganda’s stock exchange. Stanbic Bank, SUHL’s anchor subsidiary, is Uganda’s largest commercial bank by assets, income, and customer deposits, as of December 31, 2022.
The Standard Bank Group itself operates in 20 African countries and four global financial centres. The Group has over 46,000 employees and operates more than 1,143 branches and over 6,600 ATMs across Africa, enabling delivery of a range of services across personal, business, corporate and investment banking segments.
The Group’s headline earnings for the period ending December 2022 (FY22) were R34.2 billion (USD1.8 billion) while market capitalisation was R284 billion (USD17 billion). The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding.