Standard Bank Group, BoU top bosses meet over Stanbic Uganda new CEO

Top executives from the Standard Bank Group (SBG), the majority shareholder in Stanbic Bank Uganda, were in Uganda last week to meet with top officials of the Central Bank regarding the appointment of the bank’s chief executive officer.

SBG Chief Executive Sim Tshabalala and Board Chairman Nonkululeko Nyembezi met Bank of Uganda Deputy Governor Michael Atingi-Ego and head of Commercial Bank Supervision Dr Tumubweine Twinemanzi regarding Uganda central bank’s alleged rejection of the successor to Anne Juuko.

Stanbic Bank Uganda has since appointed Samuel Mwogeza and Barbara Dokoria as interim chief executive and executive director respectively.    

But during the meeting, sources said, Bank of Uganda dismissed claims that it was against Stanbic Bank Uganda’s policy of appointing executives from different countries across Africa as discussed on the floor of the Ugandan Parliament last week.

The Central Bank instead reportedly asked Stanbic Bank to submit new names for its top two positions.

Last week, Parliament presided over by Deputy Speaker Thomas Tayebwa, supported Otuke County MP Paul Omara’s submission calling for the job of running the country’s largest commercial bank to be given to a Ugandan.

Stanbic Bank is this week expected to submit a fresh list of nominees for the position of substantive chief executive for the Central Bank’s consideration. It is not clear whether the new list will only have Ugandans.

Patrick Mweheire, Standard Bank’s Regional Chief Executive for East Africa, who attended the meeting and is based in Nairobi, was asked to play a more hands-on role in the interim as a substantive leader is confirmed.

Standard Bank Group is the majority owner of Stanbic Uganda Holdings Limited, which is listed on the Uganda Securities Exchange and operates Stanbic Properties, Stanbic Business Incubator, SBG Securities, FlyHub, and Stanbic Bank—the country’s largest commercial lender.

In October 2001, the Standard Bank Investment Cooperation of South Africa (Stanbic) won the bid to purchase 80 percent of the shares in the former government-owned Uganda Commercial Bank Limited. The balance of 20 percent shares was listed on the Uganda Securities Exchange. 

Last month, the company declared a record profit after tax of Shs412 billion, of which 68 percent will be paid out as dividends subject to regulatory approval.