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In a show of the country’s human capital prowess, Stanbic Bank Uganda, the country’s largest commercial lender, has exported several top banking executives to the rest of Africa in a space of less than five months. Stanbic Bank is a member of the Standard Bank Group—Africa’s largest lender by assets, and operates in twenty countries across the continent. In East Africa, Standard Bank trades as Stanbic and is present in Uganda, Kenya, Tanzania, DRC, and South Sudan. It is led by Ugandan investment banker Patrick Mweheire, who was elevated to Regional Chief Executive for East Africa following a successful term…
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Stanbic has finally broken its silence on a case under investigation where seven of its executives are accused of conniving and cheaply selling to themselves a mortgaged property. In a 28th September press statement by management, the bank acknowledges a criminal complaint against some of its employees. “A criminal complaint against some of our employees arising from a property foreclosure process following a consent judgement against one of our clients has been brought to our attention,” the statement reads. Last week, the bank came into the spot light after one of their clients, Macdowel Limited, asked police to investigate circumstances…
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Myriad Investment Club Ltd, a company belonging to Stanbic Bank’s senior executives that are accused of colluding with other bank staff to buy off, very cheaply, a property of a distressed client was registered weeks after the property had been advertised for auction, an investigation by this news site has discovered. According to documents seen by this website, in what appears to be a swift and carefully orchestrated insider dealing scandal, it took Myriad Investment Club less than two months to register, secure a bank loan and buy off Plots 1,3,4,5 and 6 Works Close, Luzira on the 25th of…
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A client of Stanbic Bank Limited, Macdowel Limited, has asked police to investigate circumstances under which seven senior executives of Stanbic Bank Uganda, sold to themselves a mortgaged property on the cheap. Beatrice Odongo, a director of Macdowel, in a 23rd September 2020 letter to the Special Investigations Division of the Criminal Investigations Directorate, has asked police to investigate circumstances under which their property was illegally sold, yet the loan has been repaid. Under s.39(2) and (3) of The Mortgage Act, the sale of mortgaged property by a bank to its employees is a crime punishable by imprisonment of not…
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Uganda’s private sector continues to recover from the impact of the Coronavirus pandemic (Covid-19) as business conditions improved in August after a near standstill of activities during the series of lockdowns between March and the end of May. The latest headline Stanbic Purchase Managers Index (PMI) posted 54.6, up from 50.3 in July. This is the highest since February, just before the first case of Covid-19 was reported in Uganda. The latest reading is above the positive threshold of 50.0 and substantially higher than the 46.5 reported for June. The PMI is a composite index, calculated as a weighted average…
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The headline Stanbic Bank Purchasing Managers’ Index (PMI) has for the first time since February crossed into positive territory recording a reading of 50.3 in July. This follows easing of the lockdown that saw curfews revised and several businesses reopened. The PMI recorded a reading of 50.3 during July, up from 46.5 in June representing a significant recovery from the 21.6 recorded in April after the lockdown was announced. However, the figure is still below the monthly average of 52.9 before the outbreak of the Covid-19 pandemic but above the 50.0 threshold. Furthermore, spare capacity remained present in the private…
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The Stanbic Purchase Managers Index (PMI) for March has recorded the first decline in business activity. This is due to the global coronavirus disease 2019 (COVID-19) pandemic which has led to falling new business, company shutdowns and issues with the supply of materials, thus pushing the Ugandan private sector into contraction. The headline PMI posted below the 50.0 no-change mark at 45.3 in March, following a reading of 56.2 in February. This marked the first deterioration in business conditions in the private sector since January 2017. Kenneth Kitungulu Stanbic Bank Uganda Head of Global Markets said, “COVID-19 caused issues in…
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