SBUL

Stanbic Bank Uganda Limited (SBUL) or Stanbic Bank Uganda (SBU), also Stanbic Uganda, is a financial institution regulated by the Bank of Uganda (BOU) and licensed under the Financial Institutions Act, to conduct commercial banking business. It is part of the Standard Bank Group, which is Africa’s largest Bank measured by footprint and assets. SBUL offers financial services and products to the retail and corporate clients in Uganda.A brief history of Stanbic Uganda Holdings Limited (SUHL), Stanbic Uganda Holdings Limited started as a commercial bank called the National Bank of India (NBI) in 1906. After several name changes, NBI rebranded to Grindlays Bank. In 1991, Standard Bank Group (SBG) acquired Grindlays Bank. The new owners renamed the Ugandan subsidiary, Stanbic Bank Uganda Limited (SBUL). In February 2002, SBG acquired 90% of the shareholding in Uganda Commercial Bank Limited, a Government-owned bank with sixty-five branches. SBG merged their new acquisition with the existing SBUL, to form Uganda’s largest commercial bank by assets and branch network. In November 2007, the Government of Uganda divested its ownership in Stanbic Bank Uganda Limited by listing its shares on the Uganda Securities Exchange (USE). Standard Bank Group also floated 10% of its shareholding at the same time, retaining an ownership stake of 80%. In 2018, SBUL started the process of reorganising its corporate structure to include a holding company. The rationale for the reorganisation was to enable the entity to undertake other non-banking financial and non-financial services that would be established through the holding company. The reorganisation was to be effected through the transformation of the bank into a holding company followed by a hive down of the banking business from the bank (at the time) to a newly incorporated banking subsidiary. The reorganisation process was finally completed when the transfer of the banking business was effected on 1 April 2019 with a holding company, Stanbic Uganda Holdings Limited (SUHL) and one wholly owned subsidiary Stanbic Bank Uganda Limited (SBUL).

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This information on Stanbic Bank Uganda Limited (SBUL) was extracted from the STANBIC UGANDA HOLDINGS LIMITED Annual report and financial statements year ended 31 December 2021.