Barclays Africa Group Ltd shareholders Tuesday approved that the group changes its name to Absa Group Limited in July, setting in motion the start of one of the largest re-brand projects in Africa at this time. “The vote in support of our name change in July marks another milestone in
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Ugandan banks have recorded high Non-Performing Loans (NPLs) and bad loans written off in recent years due to high interest rates and a sluggish economy that have forced many borrowers to default on their loans. Business Focus exclusively ranked banks with most loan defaulters/NPLs basing on the results banks have
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Patrick Mweheire, the Chief Executive of Stanbic Bank, Uganda’s largest commercial Bank has been elected the new Chairman of the Uganda Bankers Association (UBA). He takes over from Fabian Kasi who held the position for the past three years. Mweheire is an accomplished banker with extensive commercial and investment banking
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2017 was a tough year for Uganda’s banking sector just like the past five years. However, the results commercial banks have been releasing in the past two months indicate that the sector is slowly recovering from the 2011 crisis when inflation and interest rates hit 30%, a thing that resulted
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Banks have in the last two months been releasing their financial results for the year ending December 31, 2017. The results obtained and analysed by Business Focus indicate that the banking sector is yet to fully recover from the 2011 crisis that saw inflation cross the 30% mark, a thing
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The Chief Executive Officer of Standard Chartered Bank of Kenya, Lamin Manjang earned a total of KShs104 million (UShs3.84 billion) in the year ended December 2017, the lender has disclosed in its latest annual report. Mr Manjang, who has worked for several subsidiaries of the parent company Standard Chartered Plc,
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Guaranty Trust Bank Uganda (GTBank) Ltd has appointed Lekan Sanusi as its new Managing Director. His tenure took effect on April 23, 2018. Sanusi replaced Olufemi Omotoso, who has since returned to the bank's head offices in Nigeria. Sources say Omotoso's contract expired last year and declined to renew it. [caption
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Nominees for the 2018 African Banker Awards have been announced. This year’s shortlist sees another strong year for banks from Morocco, Nigeria and Kenya. Ecobank, Standard Bank and Standard Chartered, which have a large footprint across the continent, also feature across several categories. The Awards, which are hosted by African
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Ecobank Uganda has once again showed that the worst years are over after registering an impressive performance in 2017. According to financial results for the year ended December 31, 2017 released on Monday, Ecobank Uganda made a net profit of Shs1.54bn, up from Shs813.3m recorded in 2016. This represents a
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2017 was generally a challenging year for Uganda’s banking sector, but it was more challenging for Standard Chartered Bank (StanChart). According to the bank’s 2017 financial results released on Friday, StanChart net profit dropped by 16.9% to Shs93.19bn in 2017, down from Shs112.15bn recorded in 2016. Most of the bank’s
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