Kampala, Uganda—December 13, 2023: The Standard Bank Group has named Francis Karuhanga as the new Chief Executive for Stanbic Uganda Holdings (SUHL), the listed entity under which Stanbic Bank is operated, alongside four other subsidiaries—Stanbic Properties Limited, SBG Securities, Stanbic Business Incubator, and FlyHub.
Patrick Mweheire, the Standard Bank Group Regional Chief Executive for East Africa says Mr. Karuhanga is succeeding Andrew Mashanda who will be taking on a new role within the Group—after December 31, 2023.
“It is worth noting that Mr. Karuhanga has accepted to leave his current role as Group Chief Auditor—a top 15 position in the organisation’s Global Leadership hierarchy, to become our new Chief Executive for SUHL. The deployment of such an important member of the Group’s leadership is a sign of commitment to our purpose of driving Uganda’s growth,” said Mr. Mweheire.
Having joined the Standard Bank Group in 2001, Mr. Karuhanga has risen through the ranks, serving in various leadership positions including his current role as Group Chief Auditor based in Johannesburg South Africa.
Mr. Karuhanga is a Ugandan professional with a career spanning over two decades and has gained wide-ranging senior leadership experience spanning over 15 years, ten of which have been at executive management level. He has deep risk management skills and experience covering Corporate, Investment, Commercial and Retail banking portfolios.
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“We are confident that with his strong record of being a collaborative leader and an aptitude for building and leading teams, developing, and motivating people, Mr. Karuhanga will consolidate the growth of our franchise, building on the work of his predecessor to continue delivering exceptional value for our shareholders, and customers,” said Mweheire.
Mr. Karuhanga is a Fellow of the Association Chartered Certified Accountant (FCCA UK), and a Certified Financial Services Auditor (CFSA) who holds a master’s degree in accounting and finance as well as a Bachelor of Commerce degree (Accounting).
Stanbic Uganda Holdings Limited (SUHL) is a listed entity on the Uganda Stock Exchange, and a member of the Standard Bank Group (the Group)—Africa’s largest lender by assets. SUHL is home to Stanbic Business Incubator, Stanbic Properties Limited, SBG Securities, FlyHub, and the anchor subsidiary, Stanbic Bank—Uganda’s largest commercial bank by assets, income, and customer deposits, as of December 31, 2022. The Standard Bank Group operates in 20 African countries and four global financial centers, enjoying a strategic position that enables its purpose of driving growth on the continent, by connecting Africa to select emerging markets as well as pools of capital in developed markets. The group has over 46000 employees and operates more than 1143 branches and over 6600 ATMs across Africa, enabling delivery of a range of services across personal, business, corporate and investment banking segments. The Group’s headline earnings for the period ending December 2022 (FY22) were R34.2 billion. Return on equity (ROE) improved to 16.4%, Net asset value grew by 10% while market capitalisation was R284 billion (USD17 billion). The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding. In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade and deal flow between Africa, China and select emerging markets.
