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SOURCES: Anne Juuko reportedly frontrunner for Stanbic top job



Ugandan banker, Anne Juuko is said to be the most likely next Chief Executive Officer for Stanbic Bank, Uganda’s largest bank- according to information corroborated with several industry sources.

Juuko, reportedly beat Sam Mwogeza the bank’s current CFO and Kevin Wingfield, the Executive Director and Head Personal and Business Banking, to one of the most coveted and well-paying jobs in corporate Uganda. 

If she indeed does ascend to the role, she will probably be the youngest Stanbic Uganda CEO, the first female and the second Ugandan to head the Stanbic, since South Africa’s Standard Bank acquired a controlling stake in Uganda Commercial Bank in 2001 and subsequently rebranded the bank to Stanbic Uganda.


Juuko will be replacing Patrick Mweheire, who also according to sources is heading to Nairobi to take up the Regional Chief Executive, East Africa and replacing, a one Greg Brackenridge who was one of the key players in managing the acquisition of Uganda Commercial Bank by Standard Bank.

The Regional Chief Executive is a Standard Bank Group oversight role, based in Nairobi. Brackenridge, the current holder of the role, is 60 years old and his 5 year contract comes to an end this December 2019. The regional role, involves board directorships for Stanbic Bank Uganda, Tanzania and Kenya as well as Standard Bank, Malawi.

Mr. Brackenridge has been with the Standard/Stanbic Bank group for almost 25 years, having worked in several African countries including Zimbabwe, Nigeria, South Africa and Kenya where he headed the Stanbic unit there; his last assignment before becoming the Regional Chief Executive.


Mweheire (49) will most likely become the youngest and first black African to take up the role, which reports to group.

The Harvard trained banker, presided over Stanbic Bank’s rosiest 5 years, nearly doubling assets from UGX3.7 trillion in 2015 to UGX6.1 trillion as of June 2019.

The regional role is largely interpreted to mean group’s endorsement of Mweheire’s performance record that has seen the bank become Uganda’s most profitable bank with nearly 30% of industry profitability.  

Who is Anne Juuko?

Juuko, holds a Bachelor of Commerce degree from Makerere University in Kampala, Uganda and a master’s degree in Strategic Planning from the Herriot Watt Business School in Edinburgh, Scotland.  

In this 2015 photo, Anne Juuko (2nd right) and Patrick Mweheire (2nd left) pict the Primary Dealer Award for 2014- for the fourth time in a row. With them is Prof. Emmanuel Tumusiime Mutebile; the Governor of BOU (left) and Deputy Governor, Dr. Louis Kasekende (Right). During Juuko’s time as head of Global Markets, Stanbic won the award for 6 time in a row.

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.   


While as head of Global Markets, Juuko is said to have exhibited all-star performance, winning the highly coveted Primary Dealer of the Year award for 6 consecutive years. Juuko’s breadth of treasury and investment banking knowledge is said to have caught the attention of Mweheire, himself an investment banker, who is said to have had a role in seconding her to the Namibia job.

Juuko’s experience fits well within Stanbic’s business strategy whose non-lending income constitutes more about 45% of total income.   CEO East Africa is yet to establish how much Juuko will be compensated, but if Patrick Mweheire’s UGX131,830,596 monthly salary is anything to go by, Juuko’s compensation will be in nine (9) figures.


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EXECUTIVE APPOINTMENT: Post Bank Uganda appoints Julius Kakeeto as M.D replacing Steven Mukweli



Post Bank Uganda Limited has appointed Mr Julius Kakeeto as the bank’s new Managing Director.

He replaces Stephen Mukweli who has served in this role for the last 15 years.

Mr Kakeeto has a wealth of banking experience spanning over 19 years in Uganda and the United Kingdom.

He started his career with Ernst and Young before joining Citibank where he served in various capacities.

After Citibank, he joined Equity Bank Uganda as a Finance Director before joining Orient Bank.

His most recent assignment has been Managing Director/CEO of Orient Bank for the last 4 and a half years.

Mr Kakeeto is a fellow of the Association of Chartered Certified Accountants (FCCA), a member of the Institue of Certified Public Accountants of Uganda and an alumni of Manchester Business School in the United Kingdom (UK) where he obtained an MBA.

PostBank Uganda is ranked in fourth position in financial inclusion with a network of 43 branches and 12 mobile banking vans serving several customers countrywide.

The bank is looking forward to it’s next chapter that is aimed at promotion to a Tier 1 financial institution.

PostBank Uganda Limited was established in 1997.

It is fully government owned with over 2 million clients.

Post Bank is audited by Ernest & Young.

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EXCLUSIVE: Patrick Mweheire to leave Stanbic Uganda for a regional role; Sam Mwogeza, Kevin Wingfield and Anne Juuko- a Ugandan at Standard Bank in Namibia top contenders for his job



Patrick Mweheire has presided over Stanbic Bank's rosiest years. In 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 a record UGX6.1 trillion as of June 2019. Customer Deposits have also grown from UGX2.7 trillion to a record UGX4.1 trillion- the highest ever.

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.

Anne Juuko, the only lady in the race to replace Patrick Mweheire. If she gets the job she will not only break the record as Uganda’s first female to head Stanbic Bank, but she will also be the first to head the largest bank in the country.

“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.

Kevin Wingfield, has a rich finance background and his entire banking career has been with the Standard Bank GRoup in South Africa, Ghana and Uganda.

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.

In 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.

Sam Mwogeza’s 15 years of banking have been spent in Uganda where he also risen to become one of the industry’s thought leaders. He has been previously recognised as the 2018 CFO of the Year and in September 2019 was named CPA of the Year at the 2019 by the Institute of Certified Public Accountants of Uganda (ICPAU)

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.

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EXCLUSIVE: Barclays’ Retail Director Kumaran Pather to head Orient Bank as Standard Chartered’ Robert Wanok heads to dfcu Bank



Kumaran Pather has worked in retail banking in Africa and the Middle East. According to 3 separate sources, this reporter talked to, Kumaran has resigned his position at Barclays Bank and as he waits for Bank of Uganda’s approval.

Hardly two years after assuming the role of Retail Banking Director at Barclays Bank, Uganda, Kumaran Pather is said to be headed to Orient Bank as Managing Director.

According to 3 separate sources, this reporter talked to, Kumaran has resigned his position at Barclays Bank and as he waits for Bank of Uganda’s approval.

Section 54 of the Financial Institutions Act (2004) requires all bank board directors to undergo a fit and proper test, carried out by the Central Bank.

Orient Bank is Uganda’s 12th largest bank by assets (UGX750bn:2018) and 8th largest by customer deposits (UGX618: 2018).

Kumaran is to replace Julius Kakeeto, who has been appointed as Managing Director at Post Bank to replace Steven Mukweli, the former Managing Director who, along with 7 other senior officials at the government owned bank are facing a host of corruption charges.   

Kumaran, holds an MBA from the University of Johannesburg.

His senior banking career started at Standard Bank in South Africa where he was the Provincial Manager, Private Banking between 2001 and 2004 before heading out to Barclays Bank in Mauritius as Head of Retail Banking for 3 years till 2007. He then joined Bank Muscat International in Bahrain as Head of Retail Sales and Distribution Channels.

He would later leave Bahrain in 2009 to Teba Bank in Maputo, Mozambique as General Manager, Retail Banking Services. In October 2013, he joined Barclays Tanzania as Retail Business Banking Director and after 4 years, in January 2018, he joined Barclays Uganda.

Robert Wanok

Kumaran, replaced Nazim Mahmood (current Barclays Bank Uganda Managing Director) who previously held the Director Retail & Business Banking between August 2013 and August 2017. Sources say, Kumaran looked at himself as the next in line after Rakesh Jha’s retirement mid this year. However, the return of Nazim, in June 2019 could have demoralised him, probably leading to his exit to Orient Bank.

It is not yet clear, how much he will be paid at Orient Bank, but Kakeeto, the previous Managing Director’s gross pay was UGX44,580,000 (USD12,000).

Standard Chartered Bank’s Robert Wanok, moves to dfcu Bank

In another senior banking executive movement, Robert Wanok, the former Country Head, Business Banking at Standard Chartered Bank, has moved to dfcu Bank, to replace Denis Kibukamusoke as Head, Consumer Banking.

Kibukamusoke, in June 2019 moved to Top Finance Bank- as Managing Director.

Top Finance Bank (TFB) is a licensed Tier II deposit taking financial institution and is majority owned by Chinese Businessman, You Jing Shu. Mr. Shu is the Chairperson of Guangdong Chamber of Commerce, a coalition that brings together about 50 Chinese companies in Uganda.

As of December 31st 2018, Top Finance Bank had UGX24.4 billion in assets, UGX20.1 billion in customer deposits and a loan book of UGX14.1 billion.

Mr. Wanok graduated from Makerere University with Bachelor’s in Business Administration (Finance & Banking) in 2001. He also holds an MBA from the famous Maastricht School of Management.

Denis Kibuukamusoke, Managing Director, Top Finance Bank (TFB)

Wanok Spent 6 years at Barclays Bank, rising from a Senior Retail Manager in 2007 to become a Retail Director between March 2012 and September 2013. For 10 months, he was a Vice President at Barclays Africa Group in South Africa, till July 2014, when he returned to Uganda with a new assignment at Standard Chartered Bank as Head, Integrated Distribution. In September 2017, he assumed the Country Head, Business Banking role

According to a source, familiar with the appointment, Robert Wanok was the second best candidate- after Salim Kitagenda, a Ugandan working for Standard Chartered Bank, Kenya where he is the Head of Client Acquisition Kenya and East Africa.  Kitagenda was apparently dropped over high remuneration expectations.

Another source at dfcu Bank intimated that Wanok, had been offered the Head, Consumer Banking position, way in 2015, but he snubbed it in favour of Standard Chartered Bank.  The same source said that Wanok has been disgruntled following the appointment of a one Israel Arinaitwe, his former junior at Barclays Bank to replace Grace Muliisa in 2017 for the lucrative Head of Consumer Banking role.

Although Wanok later became the Country Head, Business Banking, the job he really wanted was Head of Consumer Banking. Another opportunity came in late 2018, after the exit of Israel Arinaitwe to Stanbic Bank, but Wanok again didn’t make it. Instead a one, Moses Rutahigwa, who in 2009 was a teller at Barclays Bank, when Wanok was an Area Manager, took the restructured and juicier Head, Retail & Business Banking job.

“The departure of Denis Kibuukamusoke who, in 2015 had had taken the Head of Consumer role at dfcu Bank that he had rejected gave him a new exile option having lost hope of growth Standard Chartered,” said the source.

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