Kampala. Uganda’s biggest bank by assets Stanbic Bank Uganda Limited has changed name and will now be operating as Stanbic Bank Holding Limited.
This follows a special resolution that was supported by the shareholders during their Annual general meeting held on May 31 and later on June 26 received regulatory approval from the registrar of companies.
The name change effectively started on November 28, according to a public notice issued in one of the dailies.
In an interview with Daily Monitor, Ms Cathy Adengo, head of corporate communications, said the change of name signifies the creation of a holding company.
“As a holding company, we are going to expand and create new subsidiaries of which the bank will be one of them,” Ms Adengo explained.
The ability of the holding company to create several subsidiaries opens up business opportunities in growth sectors in addition to banking.
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 are 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.