Kampala. Stanbic Bank has ended its voluntary suspension of trading activities returning to the bourse after a week of reorganisation.
The bank, which formally traded as Stanbic Bank Holding Limited returned yesterday under a new trading name - Stanbic Bank Uganda Holding Limited.
Early last week, Stanbic voluntarily suspended trading, citing a reorganisation exercise that would include the formation of a holding company.
The bank, whose shares opened yesterday at Shs30, will maintain its trading symbol – SBU – at the Uganda Securities Exchange.
Speaking during the announcement in Kampala yesterday, Mr Japheth Kato, the Stanbic Uganda Holding Limited chairman said: “The holding structure through the creation of business subsidiaries will deliver several benefits that will enhance our customer value proposition, increase returns for our shareholders and deliver on our promise to create a better tomorrow for Uganda.”
The new structure, he said, has put in place a holding company, which has now been listed on USE and several subsidiaries, including the banking subsidiary.
Last year Stanbic obtained shareholder approval to reorganise its structure.
“The reorganisation will allow SBU to fulfill its vision of being a financial services organisation, by allowing it to conduct other financial services in addition to banking,” Mr Kato said.
Mr Samuel Mwogeza, the Stanbic Bank chief financial officer, said the reorganisation will allow Stanbic to offer non-banking financial services such as fund management, among others.
“There is going to be diversification in the market and value addition to the shareholders because Stanbic is a strong brand,” he said.
According to Samuel Mwogeza, the Stanbic Bank chief financial officer, the new structure allows Stanbic to widen its scope into other activities such as financial technology (fin-tech) and fund management, among others.