Rédaction Africa Links 24 with Uganda Monitor
Published on 2024-03-18 04:05:29
Anne Juuko’s recent promotion to head Standard Bank’s regional currency markets from Stanbic Bank Uganda CEO has left a vacancy at the top of the biggest bank in Uganda, sparking speculation about who will fill her shoes. Stanbic Bank, with a profit after tax of Shs357 billion in 2022 and an expected record-breaking profit for 2023 after announcing Shs200 billion in profit for the first half of the year, is a highly coveted position in the local corporate scene.
Stanbic Bank’s rise to the top of the banking sector in Uganda has been remarkable, especially considering its acquisition of the assets of Uganda Commercial Bank (UCB) in 2001. The appointment of the first Ugandan top executive, Patrick Mweheire, in 2015 marked a significant milestone for local leadership in the bank. The history of commercial banking in Uganda has been marked by a mix of foreign-owned and locally owned institutions, with the debate about ownership and control of banks often at the forefront.
The Central Bank’s licensing of 10 private banks in the late 1980s brought more locally owned banks into the sector, but many of them were short-lived. The leadership and ownership of commercial banks in Uganda have been the subject of much debate, with different views on the role of foreign banks in strengthening the sector while not necessarily passing on management skills to local institutions.
Despite the dominance of foreign-owned banks in Uganda, there has been progress in local leadership, with more Ugandans taking on top roles even in foreign-owned banks. Initiatives to groom local talent for leadership roles in the banking sector have started bearing fruit, with examples like Centenary Bank’s growth under local leadership and the increasing number of Ugandan CEOs in both locally owned and foreign-owned banks.
The appointment of Ugandan executives to lead regional players like KCB Uganda, Equity Bank, and NCBA demonstrates the trust that foreign-owned banks are placing in local corporate leaders. The representation of female executives in top positions in banks in Uganda has also been increasing, with women breaking through the glass ceiling to lead major financial institutions in the country.
As the banking sector in Uganda continues to evolve, the appointment of a new CEO for Stanbic Bank is eagerly anticipated. Internal candidates such as Emma Mugisha and Samuel Mwogeza are believed to be contenders for the position, showcasing the depth of talent within the bank. With Anne Juuko’s term coming to an end, an announcement from Stanbic Bank is expected before the end of March, setting the stage for a new era of leadership in one of Uganda’s most prominent financial institutions.
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