Patrick Mweheire, the Stanbic Bank Uganda, Chief Executive Officer will be leaving his job for a yet to be named regional role within the Standard Bank Group, when his contract expires at the end of this year, CEO East Africa Magazine has confirmed from various sources within the banking industry in Uganda and in Nairobi.
We also understand that the race to replace him is in advanced stages with three contenders for the job being Sam Mwogeza; the bank’s current Chief Finance Officer, Kevin Wingfield; the current Head, Personal and Business Banking as well as Anne Juuko, a Ugandan working as Head, Corporate and Investment Banking at Standard Bank, Namibia.
Standard Bank is the parent company for Stanbic Bank and holds 80% shareholding, of Uganda’s largest bank by assets, lending, deposits and profits.
“I cannot comment yet,” said Patrick Mweheire, via WhatsApp, when this reporter reached him for comment.
Japheth Katto, the bank’s board chairman had not responded to our request for comment when we reached him via his LinkedIn mail box.
Who is Patrick Mweheire?
Born and raised in Uganda, Patrick Mweheire, went to Buganda Road Primary School and then to Kings College Budo for six years. At the age of 18 years, he left for the United States of America where he would spend most of his education and work life.
He graduated from Daemen College in New York in 1994 with a Bachelor of Science in Economics with a distinction. At the age of 23, he started off work at Prudential Securities as a Financial Analyst.
In June 1999 he completed an MBA from the prestigious Ivy League Harvard University and immediately joined Prudential Securities Inc. (1994-97) as a Financial Analyst and went on to work at Merrill Lynch & Co, one of the top 5 biggest investment banks, as an Associate- Mergers & Acquisition Group. In 2002, he was promoted to Director- Financial Services Group for a colourful 6 years that saw him get involved either as a Mergers & Acquisition Advisor and or Book Runner in several major transactions, worth a combined $11 billion.
He returned to Uganda in 2008 and took up a position as Managing Director- Head of Investment Banking Africa and CEO East Africa, for Renaissance Capital, one of Russia’s largest investment banks with offices across the world. After 4 years, he in 2012, joined Standard Bank Group as Executive Director- Head of Corporate & Investment Banking at Stanbic Uganda.
In January 2015, he was appointed Managing Director of Stanbic Bank, Uganda’s largest bank.
Bob Okodi, Amref Health Africa Uganda CFO, On Purpose-Driven Finance and Measuring Impact in Lives, Not MarginsIn the 4 years, he has been at the bank, he’s led a 9.91% average annual growth rate in assets from UGX3.7 trillion in 2015 to UGX5.4 trillion. During his time, customer lending has grown from UGX1.9 trillion to UGX2.5 trillion (CAGR 7.10%) and Customer deposits have grown from UGX2.4 trillion to UGX3.9 trillion (CAGR 12.91%). He has also maintained steady growth in income from UGX533 billion in 2015 to UGX 661.1 billion.
As a result, there’s been a 9.33% CAGR in profitability from UGX151 billion in 2015 to UGC215.1 billion in 2018.
In August this year, the bank announced H1 2019 net profits had grown by 39.5% from UGX96.1 billion in June 2018 to UGX134 billion at the end of June 2019- an indicator that the bank is on course for yet another full flowery 2019.
The bank’s customer deposits in June 2019 reached a record UGX4.1 trillion and total assets increased by 17.9% to reach a record UGX6.1 trillion.
More about the top 3 contenders
Anne Juuko was between April 2009 a VP, Head Fixed Income, Currencies and Commodities at Citibank Uganda Limited, before heading to Citibank Kenya as VP, Customer Sales and Derivatives Marketing, a role she served between June 2010 and June 2012. She then returned to Stanbic Bank to take a Head, Global Markets role till December 2017 when she got appointed, Head, Corporates and Investment Banking at Standard Bank, Namibia; a role she took up in January 2018.
According to his LinkedIn Profile, Sam Mwogeza, is an ACCA Fellow and holds an MBA from the famous Edinburgh School of Business. He, between June 2003 and September 2007 worked at Citibank Uganda as the head of Business Services and Operations and then moved to Barclays Bank Uganda in April 2008 as Head, Commercial MI & Analytics till April 2010. In May 2010 he crossed over to Stanbic Bank Uganda as the Finance Manager, Corporate & Investment Bank and after 2 years, he moved to become a Financial Controller for nearly four years, before being appointed the CFO in November 2015
Sam Mwogeza won the 2018 CFO of the Year Award, organised by ACCA Uganda and Deloitte. In September 2019, he was also declared the CPA of the Year at the 2019 Accountancy Service Awards (ASA) by the Institute of Certified Public Accountants of Uganda (ICPAU). He is also the technical lead on the Uganda Bankers Association (UBA) CFO Executive Committee.
Kevin Wingfield, spent his early days at PriceWaterhouseCoopers in South Africa and Australia. He joined the Standard Bank Group as the Director Finance for Africa for 4 years and between 2003 and November 2007, he became the Director, Strategic Finance at Stanbic Africa. Between December 2007 and March 2010, he became the Director, Customer Strategy and Channel Development at the Stanbic Africa division. In April 2010, he joined Stanbic Ghana as the Head, Personal and Business Banking until October 2013. In November 2013 to 2015, he served as the head of Customer Channels, Personal and Business Banking; Africa, before becoming the Head Personal and Business Banking, Stanbic Bank Uganda, a job he holds till today.
