Standard Chartered Bank has appointed senior banker Geofrey Mchangila, formerly Chief Country Officer (CCO) and Chief Executive Officer of Citibank Tanzania Limited, to lead its Tanzania operations following the departure of Ugandan seasoned banker Herman Kasekende.
Mchangila officially confirmed the transition in a LinkedIn statement published on Wednesday, describing the move as both “a transition and a continuation” as he formally assumed the role of CEO and Head of Corporate, Commercial and Institutional Banking (CIB) Coverage at Standard Chartered Bank Tanzania.
“I am honored to have joined Standard Chartered Bank Tanzania as CEO & Head, CIB Banking & Coverage.”
The seasoned banker also reflected on his two-decade journey at Citi, including six years leading the bank’s Tanzania operations.
“After two decades at Citi, including the last six years serving as CEO in Tanzania, I leave with deep appreciation for the leadership, colleagues, clients, and partners whose guidance, trust, and collaboration have shaped my journey over the years,” he said.
“As I begin this new chapter, I look forward to working with the team at Standard Chartered to build on a strong foundation, deepen client relationships, and deliver sustainable growth in Tanzania.”
The appointment comes at a pivotal moment for Standard Chartered Tanzania after Kasekende announced his exit from the banking group, ending a distinguished 26-year career with the multinational lender that spanned Uganda, Zambia, Kenya, Singapore, and Tanzania.
Mchangila brings two decades of experience in banking and financial services across East Africa, with deep expertise in treasury management, financial markets, regulatory compliance, and corporate banking.
His transition from Citi to Standard Chartered marks one of the most significant executive movements in Tanzania’s banking sector in recent years.
Prior to his appointment at Standard Chartered, Mchangila served as CCO and CEO for Citibank Tanzania Limited, where he oversaw the bank’s strategic direction and corporate operations. Before assuming the top leadership role, he served as Markets Head and Treasurer responsible for Citibank Zambia and Tanzania.
Over the years, he held several senior positions within Citi’s East Africa cluster, including Head of Trading for Citibank N.A. Kenya, Markets Head for Citi Tanzania Limited, and Markets Head & Treasurer for Citibank Zambia Limited.
Mchangila is widely recognized within regional banking circles for his role in expanding treasury and financial markets businesses across Tanzania, Kenya, and Zambia.
He also played a key role in facilitating foreign investor participation in East African local markets while ensuring adherence to both global and domestic regulatory frameworks governing balance sheet management and treasury operations.
Before joining Citi, he worked with NMB Bank Plc and Diamond Trust Bank in Tanzania for three years, building foundational experience in commercial banking and financial services.
He holds a Master of Science degree in Finance from the University of Strathclyde in Scotland.
His appointment follows the departure of Herman Kasekende, one of Standard Chartered’s longest-serving African executives and a respected figure in regional banking.
Kasekende, who had served as Chief Executive Officer and Managing Director of Standard Chartered Bank Tanzania since June 2022, recently confirmed his resignation through a public statement reflecting on his decades-long journey with the bank.
“After a remarkable journey, the time has come for me to step down and pass the baton,” Kasekende said in a farewell message, adding that Tanzania had given him “the relationships, the growth, and the privilege of serving this great nation.”
Kasekende joined Standard Chartered in 1998 from Nile Bank and steadily rose through the ranks to become one of the bank’s most influential regional leaders. During his tenure, he held several senior leadership positions including Head of Consumer Banking, General Manager for SME Banking, General Manager for Shared Distribution, and Senior Relationship Manager for Wholesale Banking.
His regional assignments also included serving as Regional Head of SME Products and Solutions for Africa based in Kenya, as well as a short-term assignment in Singapore. He later became CEO of Standard Chartered Uganda in 2012 before taking over leadership of Standard Chartered Zambia in 2017 and subsequently Tanzania in 2022.
Throughout his career, Kasekende earned recognition for driving organizational transformation, strengthening SME banking, and advancing financial inclusion initiatives across multiple African markets.
Beyond banking, he also served in several influential corporate and public sector advisory roles, including as chair of the Varkey GEMS Advisory Board in Uganda and advisor to the Uganda Chamber of Mines and Petroleum Board. In Zambia, he chaired the Bankers Association of Zambia between 2020 and 2022.
In his farewell remarks, Kasekende thanked the bank’s board, clients, colleagues, and partners for their support throughout his tenure.
“What we have built together has never been about any one individual, but about a collective commitment to something greater,” he said. “We have always believed in being Here for Good, and this team has delivered on that promise every single day.”
Kasekende holds a Master’s degree in International Economics and Finance.
Mchangila’s appointment comes as Standard Chartered Tanzania navigates a major transition following the completion of Access Bank Tanzania’s acquisition of the bank’s Consumer, Private and Business Banking (CPBB) division in June 2025, a transaction overseen during Kasekende’s tenure. The move significantly reshaped the bank’s operating model, leaving it more focused on corporate and institutional banking.
The strategic restructuring was reflected in the bank’s latest audited financial results for the year ended December 31, 2025, which showed net profit after tax declined 22.2 percent to TZS79.07 billion from TZS101.64 billion in 2024. Profit before tax also fell to TZS113.78 billion from TZS146.32 billion.
The decline was largely driven by pressure on the bank’s core lending and treasury business. Interest income dropped 34.5 percent to TZS91.15 billion, while interest expense rose 44.6 percent to TZS33.47 billion. Consequently, net interest income fell sharply by 50.3 percent to TZS57.68 billion.
However, strong growth in non-interest income helped cushion the earnings decline. Non-interest income rose 39.5 percent to TZS134.87 billion, supported by foreign currency trading and translation gains of TZS74.57 billion, while other operating income surged to TZS33.29 billion from just TZS125 million a year earlier. Fees and commissions declined modestly by 7.3 percent to TZS27.02 billion.
Operating expenses remained broadly contained, falling 4.9 percent to TZS74.19 billion despite a 9.2 percent increase in salaries and employee benefits to TZS40.35 billion. Following the CPBB divestiture, the bank’s workforce reduced significantly to 106 employees from 203, while its branch network shrank from four branches to a single branch.
On the balance sheet, total assets declined slightly by 2.2 percent to TZS2.096 trillion. Customer deposits fell 24 percent to TZS987.57 billion, although deposits from banks and financial institutions more than doubled to TZS515.88 billion, signaling a notable shift in the bank’s funding structure toward institutional liquidity.
Net loans and advances decreased 14.9 percent to TZS507.49 billion, while investments in government securities declined 21.5 percent to TZS202.75 billion. At the same time, balances held with banks and financial institutions surged 84.3 percent to TZS525.08 billion, strengthening liquidity levels.
Asset quality weakened slightly from a very low base, with non-performing loans rising to TZS7.60 billion from TZS1.15 billion. The NPL ratio increased to 1.5 percent from 0.2 percent, although provisions still covered impaired loans by approximately 120 percent.
Shareholders’ funds remained relatively stable at TZS401.85 billion, while return on average shareholders’ funds declined to 19.8 percent from 25.8 percent. Return on average assets also fell to 4.1 percent from 4.9 percent.
Despite the earnings decline, cash generation remained robust. Net cash from operating activities increased 12.5 percent to TZS301.90 billion, while cash and cash equivalents closed the year at TZS969.46 billion, up 17.2 percent.
The bank also paid out TZS82.69 billion in dividends during the year, exceeding annual profit, compared with TZS65.12 billion paid in 2024. The financial statements were audited by Deloitte & Touche, which issued an unqualified audit opinion.
One of the standout transactions executed during Kasekende’s leadership was Standard Chartered’s successful arrangement in April 2026 of syndicated financing exceeding USD2.33 billion to support the construction of Tanzania’s Standard Gauge Railway (SGR).
The financing is supporting Turkish contractor Yapi Merkezi in the construction of Lots 3 and 4 of the railway line, covering approximately 430 kilometres between Makutupora and Isaka. Lot 5 of the project, linking Isaka to Mwanza over approximately 249 kilometres, is being undertaken by China Civil Engineering Construction Corporation.
The SGR project, spanning Lots 1 to 5 and connecting Dar es Salaam to Mwanza, ranks among the largest infrastructure initiatives in Tanzania’s history and represented one of Standard Chartered Tanzania’s most significant corporate financing mandates under Kasekende’s tenure.
Mchangila now inherits a leaner but strategically repositioned institution, with stronger emphasis on corporate banking, infrastructure finance, treasury services, and multinational client coverage — areas that closely align with his extensive experience in markets and institutional banking across East Africa.
