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Stanbic Bank reopens trading at USE

By Ali Twaha

Added 10th April 2019 02:54 PM

The changes mean the banking business now falls under its banking subsidiary, Stanbic Bank Uganda Limited.

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Mr Japheth Katto, chairman Stanbic Uganda Bank Holding (Center) rings the bell to kick start trading at the bourse. Cheering on is Paul Bwiso (Left), chief executive officer at Uganda Securities Exchange and Samuel Mwogeza, chief finance officer at Stanbic. (Photo by Ali Twaha)

The changes mean the banking business now falls under its banking subsidiary, Stanbic Bank Uganda Limited.

TRADING

Stanbic Bank Uganda has reopened trading at the Uganda Securities Exchange (USE) after a one-week voluntary suspension to complete its reorganization.

At the USE, trading of the company’s securities resumed under its new name Stanbic Uganda Holdings Limited on Wednesday.

The changes mean the banking business now falls under its banking subsidiary, Stanbic Bank Uganda Limited. 

Stanbic bank said the objective to halt trading of its securities was meant to move the current legal and operating structure where Stanbic Bank Uganda was a public company listed on the USE to a group structure that comprises a holding company with several subsidiaries including banking services. 

Through the new structure, according to the bank, there will be flexibility to engage in financial technology (Fin-Techs) partnerships including software subsidiary thus providing better risk management with increased visibility and control.

Japheth Katto, the chairman Stanbic Uganda Holdings Limited said: “The holding structure through the creation of new business subsidiaries will deliver several benefits that will enhance our customer value proposition, increase the returns for several shareholders.”

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