Stanbic Bank Uganda Limited, Uganda’s biggest bank by assets has effected a name change and now will be referred to Stanbic Bank Holding Limited. The name change was as result of a special resolution that was supported by the shareholders during the lenders annual general meeting held May 31.
On June 26, the bank received regulatory approval for the name change from the registrar of companies. The name change effectively begun November 28, according to a public notice issued today and run by the New Vision newspaper.
“As a holding company, we are going to expand and create new subsidiaries of which the bank will be one of them,” Cathy Adengo, Head of Corporate Communicatons said.
The ability of the holding company to create several subsidiaries opens up business opportunities in growth sectors in addition to banking within this East Africa economy.
Some of the sectors the holding company intends to take on include equity brokerage, real estate and financial technology (Fintech). The new structure is expected to increase returns to its shareholders while enhancing the value proposition to its customers. It will have no adverse impact on SBU’s current shareholders, customers and employees.
“The bank will not face any substantial changes to its day to day operations. Banking operations will continue as usual with our customers,” Ms Adengo said.
Stanbic’s total assets were worth Shs5.4 trillion ($1.46 billion) at the end of 2017. In the first six months of 2018 amidst challenging environment, the bank’s profits after tax grew from Shs95.4b in June 2017 to Shs96.1b at the end of June 2018, while its customer deposits grew an impressive 16.2 percent to Shs3.75 trillion up from Shs3.22 trillion in June 2017.