Stanbic Uganda celebrates Standard Bank Group’s 160th Anniversary
Stanbic Uganda yesterday held a marvelous event to celebrate its parent company Standard Group’s 160th anniversary at Kampala Serena. In Uganda, this landmark coincided with Uganda’s 60th Independence Anniversary hence the celebratory event direction here which is ‘160 in 60’.
Chief Executive Anne Juuko congratulated the Standard Bank family across Africa on this 160th anniversary!
“I am not here alone! I am with colleagues from our sister companies under Stanbic Uganda Holdings Limited led by our beloved Andrew Mashanda who is representing us in Johannesburg,’ she said.
Stanbic Uganda Board of Directors, customers in different business segments, officials from the regulatory authorities (Bank of Uganda, Government, development partners and the media were among the attendees.
Stanbic Bank Uganda chose to celebrate this 160-year milestone in a special way by recognising two unique actors in post-independence Uganda and that is coffee and young people.
Several young coffee farmers were in attendance, and the guests were treated to a coffee testing experience to honour a crop that has significantly contributed to Uganda’s post-independence fiscal liberation by earning hundreds of millions of dollars in revenue, every year.
Why partner with young coffee farmers, you might ask?
Uganda has the youngest population in the world, with 77% of our people being under 25 years of age—we are therefore privileged to work with the youth who we regard as one of our 160 reasons to believe in Uganda and Africa.
“So, today is a symbolic moment as we also celebrate the Standard Bank’s contribution to Uganda’s post-independence growth story. It is a celebration of the fruits of walking our purpose—Africa is home, we drive her growth,” Anne said.
Chairman, Stanbic Bank Uganda, Prof. Patrick Mangheni—Board thanked guests for honouring their invitation to join them in celebrating this important milestone of 160 years of Standard Bank doing business in Africa.
He extended appreciation to Bank CE, Anne Juuko, and her team, for putting this together and hosting customers today.
“I want to thank the team for especially choosing to celebrate this milestone the way we did—putting together several stories into one, was a creative story worth commending. We have celebrated 160in60 years, putting the Standard Bank Groups milestone into Uganda’s own 60th independence anniversary.
Moreso, we also celebrated coffee and young people—not just young people but youth who are involved in coffee growing,” he said.
He commended Anne and her team for choosing to share this important platform with young farmers—this truly brought out our nature as an institution, and why we say that Uganda is our home, we drive her growth.
“It is not possible to grow Uganda without involving the youth. The future of Agriculture, which is still our national mainstay, is in danger if young people are not actively involved in its practice. Your leadership has practically acknowledged the need to partner and walk the talk of our purpose together,” he added.
The Standard Bank Group’s 160th anniversary should inspire the youth of today who are at the start of their entrepreneurial journeys—it is true, a business can start and thrive in Africa for 160 years.
Today, as a senior corporate citizen of Africa—our challenge and responsibility as Standard Bank Group is to nurture the young businesses of today, to grow into solid, thriving enterprises that will create jobs, pay taxes and indeed, drive Uganda/Africa’s growth.
He said the bank’s mission of the next 160 years is to nurture the next generation of Africa’s businesses and said he was happy to note that they have already started on this work—in one way or another.
The celebration was also marked with a Q&A Session between Chairman (Japheth) and Pamela (staff member)
Thank you for the opportunity to chat with Chairman about our evolution and heritage as Stanbic Bank. I am genuinely curious to know somethings and I hope you guys in the room will learn something from this conversation.
Qn: Chairman, we have been told Stanbic Bank Group is celebrating 160 years, how is this our business as Stanbic Bank Uganda?
Chairman: My granddaughter—Standard Bank Group is the largest commercial bank in Africa, and it has operations in over 20 countries around the continent. In Uganda, Kenya, Tanzania, and South Sudan, it operates under the brand name Stanbic Bank. That is why we are celebrating—because Standard Bank Group is the mother company of Stanbic Bank.
Qn: Have Stanbic Bank always been a member of Standard Bank Group?
Chairman: Not really. Stanbic Bank on its own has a rich heritage dating back 116 years, right from 1906, when we used to be the National Bank of India. After several name changes, we rebranded to Grindlays Bank.
Qn: So, when did we become part of the Standard Bank Group?
Chairman: It is in 1991, after the Standard Bank Group acquired Grindlays Bank and it was given a new name—Stanbic Bank (Uganda) Limited.
Qn: Granny, do you also know how Uganda Commercial Bank and how it became Stanbic Bank?
In February 2002, Standard bank group acquired 90% of the shareholding in Uganda Commercial Bank Limited, which was government-owned bank. UCB was then merged with Stanbic Bank (Uganda) Limited and that is how we became Uganda’s largest commercial bank by assets and branch network.
In November 2007, the Government of Uganda sold its remaining 10% shareholding in Stanbic Bank (Uganda) by listing its shares on the Uganda Securities Exchange. The Standard Bank Group also floated 10% of its shareholding at the same time and retained an ownership stake of 80%. That is how became a listed company.
Qn: Thank you Granny. I have really learned a lot. One last question—what is Stanbic Uganda Holdings Limited?
Chairman: Good question. On 1st April 2019, Stanbic Bank Uganda reorganized its corporate structure and created the Holding Company called Stanbic Uganda Holdings Limited and Stanbic Bank became its Subsidiary. Since then, Stanbic Uganda Holdings has grown and today has four more subsidiaries—do you what they are? I will tell you—we have Stanbic Properties, Stanbic Business Incubator, SBG Securities and FlyHub. Of course, don’t forget their big brother—Stanbic Bank.
Pamela: Thank you Chairman—I now understand our heritage!