Stanbic Bank to join mortgage business
STANBIC Bank plans to offer mortgage and lease financing, the management announced at the bank’s first day of trading on the Uganda Securities Exchange on Thursday.
By Peter Kaujju
STANBIC Bank plans to offer mortgage and lease financing, the management announced at the bank’s first day of trading on the Uganda Securities Exchange on Thursday.
“Issuance of our shares to the public was a very ambitious project and now that we have succeeded as reflected by the overwhelming response, the way forward is to come up with more innovative products for our customers,†Kitili Mbathi, the managing director, explained.
He added: “Our focus now is to offer mortgage and leasing facilities because the market is hug with few players.
“We want our customers to own houses.†Mbathi revealed that the bank will expand lending to customers and devise more customer-tailored products.â€
Currently, only dfcu Bank and Housing Financing Company offer mortgage and lease products.
The bank’s Initial Public Offer which opened on November 22 and closed on December 22, was oversubscribed by 200% or sh140b.
Stanbic, the biggest bank in Uganda with a footprint across the continent, is the third financial institution to list on the stock exchange after Bank of Baroda and dfcu Bank.
But the Government is being challenged to expedite the passing of the central depository system to automate trading.
STANBIC Bank plans to offer mortgage and lease financing, the management announced at the bank’s first day of trading on the Uganda Securities Exchange on Thursday.
“Issuance of our shares to the public was a very ambitious project and now that we have succeeded as reflected by the overwhelming response, the way forward is to come up with more innovative products for our customers,†Kitili Mbathi, the managing director, explained.
He added: “Our focus now is to offer mortgage and leasing facilities because the market is hug with few players.
“We want our customers to own houses.†Mbathi revealed that the bank will expand lending to customers and devise more customer-tailored products.â€
Currently, only dfcu Bank and Housing Financing Company offer mortgage and lease products.
The bank’s Initial Public Offer which opened on November 22 and closed on December 22, was oversubscribed by 200% or sh140b.
Stanbic, the biggest bank in Uganda with a footprint across the continent, is the third financial institution to list on the stock exchange after Bank of Baroda and dfcu Bank.
But the Government is being challenged to expedite the passing of the central depository system to automate trading.