Francis Karuhanga, a Ugandan, has been named the new Chief Audit Officer at Standard Group. “It is with great excitement that we announce the appointment of Francis Karuhanga as our new Chief Audit Officer, effective from 15 April. Francis takes over from Mike White, who has upheld the highest professional standards during his tenure. With over 21 years of experience in the financial industry, Francis’ astute leadership will be central in taking the Internal Audit function to greater heights,” Standard Bank, which is the parent company for Stanbic Bank announced. Francis has grown through the ranks within the Group, starting…
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You recently cut your prime lending rate to 16 percent, for the second time this year. This is a rather unexpected move, given the probable likelihood of increased Non-Performing Loans and other Covid-19 related risks. What are the insights behind this decision? Stanbic has consistently re-priced our prime lending rate in response to every CBR movement by the Central Bank over the past 10 years and at present, Stanbic has one of the lowest prime lending rates of all active retail financial institutions in the country. We lowered our base lending rates in line with the CBR cut in April…
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#1. Samuel Mwogeza Chief Financial Officer Stanbic Bank Samuel Mwogeza As Chief Finance Officer, of Uganda’s largest Bank who has also been part of the mighty Stanbic story, Sam Mwogeza has enough grip on running the numbers game and is certainly fit to lead most if not all banks in Uganda. This Makerere University and Edinburgh Business School trained banker has been at the banking game for about 20 years with some of Uganda’s best banks. Between June 2003 and September 2007 he worked at Citibank Uganda as the Head of Business Services and Operations and then moved to Barclays…
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Stanbic Bank, Uganda’s largest bank, by assets, lending, deposits and profit, has picked Emma Mugisha as its Executive Director, a credible source at the bank confirms. However, her ascension to the role is dependent on the Bank of Uganda’s approval. The Executive Director role is a de facto No.2 position in the bank. According to sources within the bank, she will still retain her Head, Corporate and Investment Banking (CIB), since December 2018. CIB is a lucrative part of the Stanbic Uganda business that generates about 41% of revenue for the bank. The business unit includes services to governments, parastatals,…
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#1. Anne Juuko Chief Executive, Stanbic Bank Period in Charge: 4 months 2019 Asset Value: UGX6.6 trillion Market Share: 20.2 per cent Industry Rank: 1 Stanbic Bank Chief Executive, Anne Juuko Stanbic Bank has maintained the top spot in the banking sector ever since the acquisition of a majority stake (80per cent) in Uganda Commercial Bank (UCB) back in 2001. Getting to the top spot was the easy bit – despite the politics around the acquisition. Remaining at the top, ahead of the chasing pack is where all credit is due to the bank shareholders and management that have given…
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Bank of Baroda, Uganda’s 6th largest bank, has a new Managing Director- Mr. Raj Kumar Meena. R.K Meena who joined the bank in April 2020 comes into Uganda with more than 28 years of banking experience. He started his career in 1992 in Baroda’s parent bank; Bank of Baroda, India- the $3 billion Indian banking giant. Prior to joining as Managing Director of Bank of Baroda (Uganda) he was working as the Regional Head of the Udaipur Region in India, where he managed 101 branches with total business of more than the equivalent of UGX 4 trillion. Before that, worked…
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Bank of Africa Uganda has released their 2019 results, reporting a 33per cent increment in net profit on the bank of double-digit growth in lending. “Client lending activity remained strong with loans and advances growing by 15per cent over 2018, from UGX 344.1 billion in 2018 to UGX397.1 billion in 2019); largely to small and medium enterprises (SMEs). We upheld our goal of committing funds to the biggest impact areas of our economy – education, trade, manufacturing, and construction,” said Mr. Arthur Isiko, the bank’s Managing Director, in a note accompanying the published results. “In line with our agenda for…
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Kevin Wingfield, hitherto the Stanbic Bank Uganda Limited, Head Personal and Business Banking (PBB) has been appointed Managing Director for Stanbic Bank Tanzania Limited. The appointment took effect on April 1st, 2020. As Head of Personal and Business Banking (PBB) segment (a job he took up in April 2015), Kevin was in charge of banking and other financial services to individual customers and small to medium-sized enterprises. PBB also incorporates mortgage, lease, and transactional products for individual customers. This segment accounts for about 50% of the bank’s portfolio in Uganda. During his time, he was able to grow PBB segment…
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Most borrowers tend to hide away from their banks at the very first sign of trouble. And as COVID-19 related business complications begin to make landfall for many businesses in Uganda in form of canceled bookings and orders, delayed deliveries, delayed payments, low demand etc., cash, the life-blood of every business will or has already started to dry up. If you have an existing credit facility with your bankers, there is an increasing likelihood that you will begin to default and the banks will start calling. If you do not have any existing facility chances are very high that you…
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Please mention a few key highlights for Stanbic Bank in 2019? We delivered another great performance and were able to improve on all our key performance goals. We grew our deposits by 21% as more customers trusted us with their money and our loans & advances grew by 14% by – availing UGX 344 billion of new credit to key sectors of the economy such as manufacturing, agriculture and personal lending – where we provided more than 40% of new lending. Our revenues grew 20% year-on-year to exceed UGX 800 billion and were well-diversified between lending and non-lending revenue. As…
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