Vice President Maj. (Rtd) Jessica Alupo has praised Stanbic Bank for its significant contributions to Uganda’s socio-economic growth, especially through community-focused initiatives aimed at uplifting vulnerable sectors. During an event held over the weekend, Alupo expressed her appreciation as the bank donated medical equipment valued at UGX 35 million to Katakwi General Hospital in Teso sub-region, marking another milestone in Stanbic’s ongoing support for the health sector. Alupo lauded the donation, which included three patient beds, two delivery beds, two patient monitors, a baby incubator and warmer, along with 100 Mama kits, as a “beacon of hope” that would strengthen…
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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 Bank Uganda has maintained a strong growth momentum in the first half of 2024 posting a profit of UGX 236 billion on its income statement. This represents a 17.6 percent growth compared to the UGX 200 billion earned in the first half of 2023. Stanbic’s stellar half-year performance was largely backed by the Group’s revenue which remained well diversified with non-interest revenue in fees, commissions and trading revenue contributing 43.2% to the total pool of revenue. This was further supported by drop in credit impairments driven by improved asset book and recoveries after write off. The bank also recorded growth…
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The Standard Bank Group (SBG) Chief Executive Sim Tshabalala and Board Chairman Nonkululeko Nyembezi were reportedly in Uganda for two days, last week, during which they held meetings with different stakeholders including with officials of the Central Bank with whom they discussed the ongoing executive leadership changes at Stanbic Bank. The Standard Bank Group is the majority owner of Stanbic Uganda Holdings Limited (SUHL) the listed entity that operates Stanbic Properties, Stanbic Business Incubator, SBG Securities, FlyHub, and Stanbic Bank—the country’s largest commercial lender. According to inside sources, the Thursday, April 4, 2024 meeting was attended by among others, the…
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The Standard Bank Group has appointed Ugandan accountant Doreen Rwakatungu Musiime as new Chief Audit Officer (CAO) replacing another countryman, Francis Karuhanga who has since become Chief Executive Stanbic Uganda Holdings Limited (SUHL). Until her elevation to Group CAO, Rwakatungu has been the Head of Internal Audit for Africa Regions within the Standard Bank Group. She is a Chartered Accountant and holds a Bachelor of Science in Electrical Engineering and an MBA. With over 20 years of experience in internal and external audit, mostly in the financial services industry, Rwakatungu joined the Standard Bank Group in 2016 as the Head…
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Stanbic Uganda’s Chief Executive, Anne Juuko will take up her new role as Standard Bank’s Regional Head, Global Markets, this April, CEO East Africa Magazine, can exclusively reveal. According to our insider sources at Stanbic Bank, her new role, although it has been in the corridors and subject to much speculation will be announced next week. It is not yet clear whether her replacement will be announced at the same time. She has been Chief Executive of Stanbic, Uganda’s largest lender, for exactly four years, having assumed leadership in March 2020, at the onset of the Covid-19 pandemic in the…
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The monthly Stanbic Purchasing Managers’ Index (PMI), a measure of Uganda’s private sector business confidence, saw a slight drop from 57.4 in May to 56.4 in June, but optimism remains high on the back of improving customer demand which is sustaining growth of output due to new orders. The Stanbic PMI is compiled by S&P Global from responses to questionnaires sent to purchasing managers in a panel of around 400 private sector companies. The sectors covered by the survey include agriculture, mining, manufacturing, construction, wholesale, retail and services. The PMI is a weighted average of the following five indices: New…
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Stanbic Bank Uganda Limited is committed to continuing to support farmers with financial and non-financial solutions to be able to yield tangible results from their farming activities. This revelation was made by Patrick Twinamatsiko, the Manager in charge of the bank’s Sacco financing. Twinamatsiko was speaking at the inaugural Seeds of Gold/Farm Clinic event held at the National Agricultural Research Organization (NARO) – Mbarara Zonal Agricultural Research and Development Institute on May 27. This is the second farm clinic happening at this research facility since Nation Media Group (NMG) and partners started implementing the initiative. Seeds of Gold event…
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Individuals buying fuel and enjoying other TotalEnergies products through their TotalEnergies card can now easily load credit to their cards using FlexiPay, a digital payment solution offered by Stanbic Bank. TotalEnergies’ prepaid card owners have previously had to physically visit a Service Station or a Stanbic Agent to reload their cards with credit. With the partnership, these prepaid card customers will enjoy enhanced convenience enabled by the seamless card top-ups from their FlexiPay wallet to the card, and don’t necessarily have to own a Stanbic Bank account to use the service. Apart from fuel, the credit on the cards can…
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The headline Stanbic Purchasing Managers Index (PMI) reached its highest point this year, posting 57.4 during May, up from 55.4 in April as success in securing new customers had a positive impact on the Ugandan private sector. Meanwhile, this further expansion in new orders and business activity has resulted in companies increasing their own input buying and raising staffing levels. The latest reading is above the 50.0 no-change mark for the seventh time in as many months and also higher than the series average of 52.5, reflecting widespread optimism that business activity will continue to expand over the coming 12…
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