Mr. Francis Karuhanga has been named the new Chief Executive Officer of Stanbic Holdings Uganda Ltd, replacing Andrew Mashanda, effective January 1, 2024. Karuhanga, the first Ugandan to hold the position, has been the Chief Audit Executive for Standard Bank Group, based in South Africa. Patrick Mweheire, the Standard Bank Group Regional Chief Executive for East Africa, saluted Karuhanga for accepting to leave his current “top 15 position in the organization’s Global Leadership hierarchy” to return to Uganda. “The deployment of such an important member of the Group’s leadership is a sign of commitment to our purpose of driving Uganda’s growth” he said. “We are confident that with his strong record of being a collaborative leader and an aptitude for building and leading teams, developing, and motivating people, Mr. Karuhanga will consolidate the growth of our franchise, building on the work of his predecessor to continue delivering exceptional value for our shareholders, and customers” Mweheire added. Karuhanga is one the Group’s longest-serving executives, having worked with the company for more than 23 years. He worked with Stanbic Bank Uganda for seven years before being transferred to South Africa in 2007 on promotion as Manager of Internal Audit for the entire Group. Karuhanga is Fellow of the Association Chartered Certified Accountant (FCCA UK), and a Certified Financial Services Auditor (CFSA). He also holds a MSc in Accounting and Finance, a Bachelor of Commerce and a diploma in Business Studies. Standard Bank Group, Africa’s largest bank by assets, operates in 20 African countries, including Uganda as Stanbic Bank Uganda Ltd. In April 2019, Stanbic Bank Uganda reorganized its corporate structure to create the Holding Company (SUHL), whose subsidiaries have now grown to five entities, namely; Stanbic Bank, Stanbic Properties Ltd, Stanbic Business Incubator Ltd, FlyHub Uganda Ltd, as a digital innovation and solutions hub, and SBG Securities Uganda Ltd, an investment house and stock brokerage firm. Karuhanga takes over a company that currently has 1,900 employees countrywide and operates assets worth UGX9 trillion.
