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Otoa is now leaving Stanbic Business Incubator Ltd to take up a new Chief Corporate Affairs Officer role at the Uganda National Oil Company (UNOC)⏤ a wholly government of Uganda-owned company that runs the government’s commercial interests in the upstream, midstream, and downstream oil and gas sectors. He joins UNOC just in time- as the country ramps up activities towards first oil, but also amidst a thickening anti-fossils energy transition agenda, itself oiled by climate change. He is however not an outsider in the mainstream oil and gas business, having been, between September 2013 – June 2018, the Public Affairs…
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Stanbic Uganda Holdings Limited (SUHL), a franchise of the Standard Bank Group—Africa’s largest commercial lender by assets, has announced a profit after tax of UGX412 billion for the period ending December 2023 representing a 15.2 per cent growth from UGX357 billion earned the previous year. Trading on the Uganda Securities Exchange as Stanbic Uganda Holdings Limited (SUHL), it runs five business units including Stanbic Bank—the anchor subsidiary, Stanbic Properties (in real estate), SBG Securities (in stock brokerage), Stanbic Business Incubator (SME training), as well as FlyHub (in technology solutions) collectively employing nearly 2000 people. SUHL Chief Executive Francis Karuhanga attributed…
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The Standard Bank Group has named Francis Karuhanga as the new Chief Executive for Stanbic Uganda Holdings (SUHL), the listed entity under which Stanbic Bank, Uganda’s largest bank is operated. SUHL is also the holding entity for the Group’s four other subsidiaries—Stanbic Properties Limited, SBG Securities, Stanbic Business Incubator, and FlyHub. Francis Karuhanga replaces Andrew Mashanda, who according to Patrick Mweheire, the Standard Bank Group Regional Chief Executive for East Africa, will be taking on a new role within the Group—after December 31, 2023. “It is worth noting that Mr. Karuhanga has accepted to leave his current role as Group…
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After three years at the helm of Stanbic Uganda Holdings Limited (SUHL), Andrew Mashanda is set to leave the Chief Executive role, CEO East Africa Magazine can exclusively reveal. He will be taking up a yet-to-be-specified role within the Standard Bank Group, effective January 2024, according to our sources. Listed on the Uganda Securities Exchange, SUHL is Uganda’s largest financial and financial technology conglomerate. It is the mother company of Stanbic Bank—Uganda’s largest commercial bank, as well as four other subsidiaries⏤ Stanbic Properties, Stanbic Business Incubator, SBG Securities, and FlyHub. Mashanda’s three-year term at the helm of SUHL will come…
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The bank which is the biggest lender with 21% of the market share, in 2020 restructured UGX800 billion of loans, giving room to clients to get back on their feet. Thanks to this stitch-in-time, coupled with the consistent matching of interest rates with the Central Bank Rate enabled customers to regain stamina and by 2021 the value of restructured loans was reduced to UGX197 billion. By the end of 2022, this was further brought down to just UGX 14.5 billion. Bad loans in the same pool were just UGX 26 billion. It is therefore no surprise that the bank saw…
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In spite of an unpredictable operating environment characterized by global price instability and a tightening of monetary policy by Bank of Uganda to curb imported inflationary pressures, Stanbic Uganda Holdings Limited (SUHL) reported a half year profit-after-tax of UGX162 billion ending June 30, 2022. This is up from UGX158 billion recorded during the same period last year, indicating a 4.7% improvement. Speaking during presentation of the SUHL 2022 half-year results, the Chief Executive, Andrew Mashanda, said, “our performance was driven largely by our anchor subsidiary, Stanbic Bank Uganda Limited. Our new subsidiaries are continuing to deliver green shoots of hope…
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Stanbic Uganda Holdings Limited (SUHL) has announced it grew its net profits by 11% in 2021 to earn UGX269billion from Ush.242billion in 2020, driven by robust growth in non-interest income earned by mostly Stanbic Bank Uganda Limited, its anchor subsidiary. Other subsidiaries of SUHL include SBG Securities Uganda Limited, Stanbic Business Incubator, Stanbic Properties Limited, and FlyHub Uganda; however, these are new companies still in their formative stages to support the bank serve its customers beyond offering traditional financial services. Stanbic Bank is Uganda’s largest bank by assets, deposits, income, lending and the most profitable of the 25 active banks….
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The Uganda Registration Services Bureau (URSB) and the Stanbic Business Incubator (SBIL) have signed a Memorandum of Understanding (MoU) which will see 500 micro, medium and small enterprises (MSMEs) trained and supported to become compliant and sustainable businesses annually for the next five years. The partnership and collaboration will focus on training SMEs about URSB services and enterprise development under SBIL’s Enterprise Development Program. Tony Otoa, the Chief Executive, SBIL, and Mercy K. Kainobwisho, the Registrar General, URSB, signed the Memorandum of Understanding in Kampala. Speaking at the signing yesterday, Mercy K. Kainobwisho said URSB the initiative between URSB and…
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Internet connectivity and digital payments are driving the performance of Small Medium Enterprises (SMEs) in Uganda. This was revealed at an online thought-leadership forum hosted by Airtel Uganda under the theme, E- commerce and digital connectivity opportunities for SMEs, on Friday, 16th April 2021. Commenting on the role of digital connectivity opportunities for SMEs, Allan Semakula, Director Enterprise at Airtel Uganda mentioned that, “The new normal has opened up the digital space and e-commerce to SMEs, due to lockdown and health standard operating procedures issued by the Government, thus facilitating more e-commerce transactions.” He added that, “From an e- commerce…
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An exciting new partnership has been announced today between Uganda Registration Services Bureau (URSB), a semi-autonomous Government agency charged with formalization of businesses and registration of intellectual property, and the Stanbic Business Incubator which provides training, mentoring and business development services for Micro, Small & Medium Enterprises (MSMEs). The main aim of the joint collaboration is to support and drive economic growth in Uganda through enabling formalization for MSME’s, training them to overcome some of their challenges while nurturing innovation through protection of intellectual property and commercialization of creations. “URSB is proud to welcome the Stanbic business incubator to the…
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