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In accordance with Rule 36 of the Uganda Securities Exchange Listing Rules 2021, the Board of Directors (the “Board”) of Stanbic Uganda Holdings Limited (SUHL) has appointed Mr. Baker Magunda as an Independent Non-Executive Director and Chairman of the Board. His appointment takes effect from 2nd June 2023. He replaces, Japheth Katto who has retired. Mr. Magunda currently serves as the Chief Growth Officer at Dance Africa Corporation and until recently worked with Diageo PLC in various capacities such as CEO, Guinness Nigeria PLC; CEO, Diageo Ethiopia Hub, and Indian Ocean Markets; CEO, Guinness Cameroon SA and Managing Director of…
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After three years with Stanbic Uganda Holdings Limited (SUHL), Joram Ongura, will be leaving his role as Chief Executive for SBG Securities Uganda Limited (SBG Securities) effective the end of May 2023, to pursue other personal interests. SUHL Chief Executive Andrew Mashanda who will be acting as interim caretaker until a successor is named, said in a statement that, having assumed the role in January 2021, Joram embarked on the task at hand of setting up SBG Securities and built it into a market leader in asset management and securities business with enthusiasm. “As a pioneer leader for one of…
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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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Stanbic Holdings Uganda Limited has released its performance for 2022, reporting record-breaking growth across all parameters. SUHL is part of the Standard Bank Group, Africa’s largest Bank and is comprised of 5 subsidiaries which include: Stanbic Bank Uganda Limited, the leading commercial bank in Uganda; Stanbic Properties Limited, a real-estate company; SBG Securities Uganda Limited, an investment and brokerage firm; Stanbic Business Incubator Limited, an enterprise development institution and FlyHub Uganda Limited, technologies and innovations company. SHUL reported that profit after tax went up 33% to UGX357.4 billion from UGX269.3 billion in 2021. Assets surged 3.9% from UGX8.7 trillion to UGX9.1…
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