The persistent high cost of fuel contributed to negative private sector activity in May with the Stanbic Headline Purchasing Managers Index (PMI) dropping to 51.5 from to 53.9 recorded in April—readings above 50.0 mean improvement in business conditions on the previous month while readings that are below 50.0 show deterioration. The Stanbic PMI covers the agriculture, industry, construction, wholesale & retail, and service sectors. It is a composite index, calculated as a weighted average of five individual sub-components: New Orders (30%), Output (25%), Employment (20%), Suppliers’ Delivery Times (15%) and Stocks of Purchases (10%). The Stanbic PMI is an analysis…
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On May 26, Standard Bank claimed the prestigious title of ‘African Bank of the Year’ at the esteemed 2022 African Banker Awards held in Accra, Ghana. The title is a testament to Standard Bank’s quality of service and dedication to the continent as the category was judged not only on business performance, but on an institution’s overall impact in assisting clients navigate the troughs of COVID-19, offering industry-leading technological solutions, supporting traditionally marginalized sectors, fostering opportunities for women empowerment, and bringing value to stakeholders. Sim Tshabalala, Chief Executive of the Standard Bank Group, said: “This honour is for all Standard…
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General Salim Saleh, the National Coordinator for Operation Wealth Creation has commended Stanbic Bank for easing the process to access low cost financing for agriculture based Savings and Credit Cooperative Societies (SACCOs). “It is commendable that Uganda’s largest bank is coming off its high-horse to partner with local SACCOs. Normally, a SACCO would have to provide a stream of documents to even access one million shillings in a commercial bank. But with this new offering, you have made borrowing easy for SACCOs and our farmers. Your efforts, combined with the government efforts and programs like the Parish Development Model, Operation…
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The High Court in Kampala earlier this month extended further giving the final ruling of case in which Maestrol Oil and Gas Solutions – MOGAS Uganda Limited is battling receivership with Stanbic bank Uganda Limited under Kabiito Karamagi. In October 2021, Stanbic Bank Uganda sought control of petroleum products distributor after the latter reportedly failed to pay back a three-year loan of an unidentified amount. The bank had appointed Kabiito Karamagi as receiver of MOGAS. However, the petroleum company filled miscellaneous application in which court suspended Kabiito Karamagi as a receiver of MOGAS for a period of 6 months. The…
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Stanbic Bank has today made a contribution of UGX150m to Makerere University as the institution marks 100 years of service to humanity. The UGX 150m cash donation is expected to boost activities lined up by the university ahead of the official “Makerere At 100” October celebrations. The activities include public lectures, conferences, and MAK run among others. Speaking at the handover event, Makerere University Vice-Chancellor Prof. Barnabas Nawangwe, applauded Stanbic Bank for its consistent partnership with the university which has helped it to move to new heights. He pointed out the recently launched Laptop loan Scheme designed for Makerere Students…
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State Minister for Environment and the Woman Member of Parliament for Manafwa District Goretti Kitutu has lauded Stanbic Bank Uganda for its financial and non-financial services package aimed at supporting women-led enterprises to sharpen their competitiveness in the marketplace. The Minister was Chief Guest at a financial literacy and access to finance training, attended by women in business at the Manafwa District Headquarters, on Saturday May 30. “I want to commend Stanbic Bank for not just focusing on big businesses but also finding time and creating financial support packages to support small businesses such as women-led enterprises—indeed, this is…
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Fitch, the international credit rating agency has affirmed Stanbic Bank Uganda Limited’s (SBU) Long-Term Issuer Default Rating (IDR) at ‘B+’ while it also maintains its ‘AAA’ rating in Uganda. According to Fitch, SBU’s National Ratings reflect its creditworthiness relative to other issuers in Uganda. SBU’s ‘AAA (uga)’ National Long-Term Rating is the highest possible on Uganda’s national scale and considers potential support available from Standard Bank Group. SBU’s Long-Term IDR is one notch below that of SBG, reflecting SBU’s strategically important role in the group’s regional operations. SBU is Uganda’s largest bank accounting for 22% of banking sector assets as…
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Kwikiriza Aber Lois has on Wednesday started her new role as the Head of Marketing at MultiChoice Uganda, Africa’s leading entertainment company. Aber is a senior marketer with over 20 years in various facets of strategic brand management, marketing spends effectiveness, brand promotions ROI, consumer engagement and innovation & consumer insight planning & research. Among other qualities, she describes herself as a “high performing individual with a proven record of achievements in building global brands and rallying teams towards a common goals” with a “passion for excellence with a willingness to impart their skill and knowledge onto her teams and…
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The business community in Kampala has welcomed a new product innovation by Stanbic Bank Uganda which allows schools to get full insurance cover against calamities such as fire and other natural disasters. The Stanbic School Comprehensive Insurance (SCI) is an insurance policy that protects school administrations from a range of risks including property damage by fires, accidental injuries to students and theft of their personal effects. Other risks covered by the SCI scheme include material damage to school property, burglary of school property, student accident cover, public liability insurance and optional Life/Educational Benefit. Speaking at the product unveiling today, Mike…
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Stanbic Bank has donated UGX 70million to the LéO Africa Institute towards supporting its Young Emerging Leaders Project (YELP), which fosters leadership skills by emphasizing empathy, clarity, knowledge volunteerism, and in their various professional backgrounds. Cathy Adengo, the Stanbic Bank Head of Sustainability, said during the event, “We live in a constantly changing world. This demands that we are constantly learning and rethinking our approach to innovation and leadership to drive the desired change in our economy and country. The program provides unique skills on true leadership that differentiate the fellows that have gained from this training. Equipping young people…
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