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Less than a year after Standard Chartered announced its plan to exit its Wealth and Retail Business (WRB) segment, the long-anticipated transfer to Absa Uganda has entered a decisive phase. On 24 October, Absa confirmed that it would acquire Standard Chartered’s entire WRB portfolio, including clients, staff, deposits, and assets. It is one of the most significant realignments in Uganda’s banking sector in recent years. The deal has now moved to the COMESA Competition Commission (CCC), which on 18 November issued a formal Notice of Inquiry. The inquiry will evaluate whether the transaction could reduce competition in the COMESA region…
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When Uganda’s capital city floods, it is often framed as a natural disaster. The skies open up in fury, the drains overflow, and Kampala drowns under its own chaos. But the truth, stark and uncomfortable, is that our floods are man-made. They are not the wrath of the heavens; they are the consequence of greed, negligence, and broken governance. And at the centre of it all stand institutions we once believed were different, Uganda’s banks. As political will falters and environmental enforcement collapses under the weight of corruption and patronage, banks have become crucial. They are the last institutions still…
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Less than a year after Standard Chartered Bank announced plans to exit its Wealth and Retail Business (WRB) segment as part of a global restructuring strategy, the long-anticipated transaction has now materialized. Absa, just like many had projected, has stepped in as the acquirer, with the deal formally announced on 24 October, expected to transfer all Standard Chartered’s WRB clients, assets, and employees to Absa. It is one of the most significant realignments in Uganda’s banking sector in recent years, following Standard Chartered’s November 2024 declaration of intent to divest from retail operations to focus on its Corporate and Investment…
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Standard Chartered is set to invest in boosting regional trade, particularly between Uganda and the Middle East. The Middle East has emerged as one of the major export destinations for…
Standard Chartered Bank Uganda Chief Executive, Sanjay Rughani has indicated that a number of major banks have expressed interest in acquiring the bank’s Retail and Wealth Business. The London-based group announced in November last year its intention to sell its Wealth and Retail Banking (WRB) businesses in Botswana, Uganda, and Zambia, as it seeks to concentrate resources on serving the cross-border needs of global corporate and financial institution clients. “We’re currently looking at the right partners who can buy that business. We’ve got a lot of interest but it’s still all work in progress…because it is a discussion with a…
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The Commercial Division of the High Court of Uganda has ruled that Standard Chartered Bank must compensate a former employee and his wife after wrongfully recalling an approved mortgage facility. In a detailed judgment delivered by Hon. Lady Justice Patricia Mutesi, court found that the bank’s actions amounted to breach of contract, professional negligence, and violation of financial consumer protection laws. The court awarded the plaintiffs, Peter Victor Kwagala and his wife Priscilla Mbabazi, UGX 9.01 million in special damages for costs incurred, UGX 50 million in general damages for distress suffered, and imposed interest penalties on the bank. However,…
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MTN Uganda has secured UGX 370 billion (USD 100 Million) in debt financing in one of the largest local currency debt transactions in Uganda, which will be used by the telecom for general corporate purposes including the expansion and improvement of the network. The syndicated debt facility from five local banks was 1.6x oversubscribed, in what the telecom described as, “reflecting robust confidence from lenders in MTN’s long-term potential and focus on expanding its digital and financial services offerings.” The syndicated facility was led by Stanbic Bank Uganda Limited (part of the Standard Bank Group) as the Global Coordinator, Mandated…
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London-based Standard Chartered Group is exploring the potential sale of its Wealth & Retail Banking (WRB) businesses in Botswana, Uganda and Zambia. The Group, in a published statement today said, it will concentrate its resources in these markets on serving the cross-border needs of global corporate and financial institution clients. The Bank said, this is the first in a small number of potential business exits to fund incremental investment in its leading wealth management business, which aligns with the refreshed strategic priorities shared in the Group’s third quarter 2024 (Q3’24) results, aimed at accelerating income growth and returns. Group Chief…
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Kariuki Ngari, an accomplished Kenyan career banker with over 30 years of experience has been promoted to the role of Chief Executive Officer of the Standard Chartered Bank Africa region. The role is an additional responsibility, and a highlight in his career as he continues his role as Managing Director of Standard Chartered Bank Kenya. The seasoned financial professional has held various senior leadership roles across the banking industry at both Country ( Kenya) Cluster ( East Africa) Regional ( Africa, Middle East, Jersey) and Global ( Singapore-based). Kariuki’s professional career spans several positions in Retail, Corporate, Treasury and Risk…
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Standard Chartered Bank Uganda in partnership with Challenges Worldwide, a Kampala-based business development consultancy have today launched the scale-up of the Youth to Work (Y2W) phase IV programme worth UGX832 million. The launch, at Fairway Hotel, was presided over by the Commissioner for Micro, Small & Medium Enterprises (MSMEs) at the Ministry of Trade, Industry and Cooperatives – Dr. Joshua Mutambi. “Youth to Work” is the flagship employability project under Futuremakers by Standard Chartered Foundation. It is the Bank’s global initiative to tackle inequality and promote greater economic inclusion for young people in local communities through the pillars of Entrepreneurship,…
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