After three years at the helm of Stanbic Uganda Holdings Limited (SUHL), Andrew Mashanda is set to leave the Chief Executive role, CEO East Africa Magazine can exclusively reveal.
He will be taking up a yet-to-be-specified role within the Standard Bank Group, effective January 2024, according to our sources.
Listed on the Uganda Securities Exchange, SUHL is Uganda’s largest financial and financial technology conglomerate. It is the mother company of Stanbic Bank—Uganda’s largest commercial bank, as well as four other subsidiaries⏤ Stanbic Properties, Stanbic Business Incubator, SBG Securities, and FlyHub.
Mashanda’s three-year term at the helm of SUHL will come to an end this December and CEO East Africa Magazine understands that a formal announcement will only be made after a successor is named and approved by regulators.
Who is Andrew Mashanda?
Mashanda embarked on the SUHL leadership assignment in 2020 during the tough period through the Covid-19 Pandemic, and later, Ebola, and provided the needed leadership that has helped place the four beyond-bank businesses on a steady growth trajectory.
Salaam Bank Uganda named best new Islamic Bank at IFN Global AwardsMashanda’s assignment in Uganda was to help establish a firm foundation for Stanbic Uganda Holdings, having overseen similar operations in Nigeria.
He joined Standard Bank Group in 2006 and has held several Executive Management roles including as Chief Executive at Standard Bank Malawi, and as Executive Director of Corporate and Investment Banking with Stanbic IBTC Bank.
He also previously served as the Standard Bank Group’s Director and Regional Head for East Africa Operations.
Mashanda holds a Bachelor of Accounting Science from the University of South Africa and a Post Graduate Diploma in Global Management from the University of Salford, United Kingdom.