Stanbic Bank has been recognized as the Best Bank in Uganda at the 2018 Euromoney Awards. The Euromoney Awards for excellence are the world’s most prestigious and respected banking and capital markets accolades that recognize institutions bringing the highest level of expertise, service and innovation in the global financial industry.
Commenting on the achievement, Patrick Mweheire, Chief Executive Stanbic Bank Uganda said, “As a proud financial anchor in the country’s economic growth, we are honored to have received global recognition as the Best Bank in Uganda. Stanbic continues to play an essential role in supporting economic transformation. We have pioneered sector development initiatives, led the innovation and been instrumental in the stability of the banking sector which is extremely critical in the Ugandan economic eco system. With assets in excess of $1.5 billion, we are serving as a true financial gateway for individuals, institutions and the public sector.”
He further added, “With a leading customer loan portfolio of UGX 2.2 Trillion, Stanbic has been a key enabler in the agriculture, manufacturing, infrastructure and trade sectors. And more importantly, with 40,000 SME clients, Stanbic bank is a key promoter of this critical underserved segment of the economy which generates 80% of our manufacturing output and creates 90% of new jobs. Lastly, Stanbic has helped stabilize the financial markets and provided liquidity to the government by holding the largest portfolio of government securities.”
Accepting the award on behalf of the bank, Standard Bank’s Head of Africa Regions, Sola David-Borha said, “This outstanding achievement is the result of Stanbic Bank Uganda’s key role in driving economic transformation, relentless focus on customer excellence and continuously raising the bar in service excellence.”
Among the major highlights, Stanbic has been instrumental to the growth of the economy through its commitment to match the movements of its Prime Lending Rates (“PLR”) consistently with the Central Bank Rate (CBR). As a result, the bank lowered our lending rates by 7.5% points over the last 18 months in perfect synch with the reduction of the CBR.
In addition, in 2017 Stanbic Bank maintained its position as the Governments largest commercial bank lender buying up bonds, treasury bills and Government paper worth over worth Shs1.3 trillion. A large portion of these funds were used in the further rollout of the government’s ambitious infrastructure development programme which is one of the sectors expected to stimulate accelerated growth.
Expressing the bank’s gratitude to all customers, Sola added, “On behalf of the Bank, we would like to thank our customers for their continued loyalty and for choosing us as their trusted long-term partner. We look forward to the continued partnership and making a real contribution to the growth of Uganda’s economy.”
The Euromoney award is among a number of awards Stanbic Uganda has won in the course of the year. Most recently the bank was recognized by Bank of Uganda as the best performing commercial bank trading in the Government securities, for the 6th consecutive year and received a significant vote of confidence with a AAA National long-term rating by global ratings firm, Fitch.