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In a show of the country’s human capital prowess, Stanbic Bank Uganda, the country’s largest commercial lender, has exported several top banking executives to the rest of Africa in a space of less than five months.
Stanbic Bank is a member of the Standard Bank Group—Africa’s largest lender by assets, and operates in twenty countries across the continent.
In East Africa, Standard Bank trades as Stanbic and is present in Uganda, Kenya, Tanzania, DRC, and South Sudan. It is led by Ugandan investment banker Patrick Mweheire, who was elevated to Regional Chief Executive for East Africa following a successful term as Country Chief Executive.
This year, in January, Francis Karuhanga, a Ugandan accountant who was hitherto the Standard Bank Group’s Chief Audit Officer (CAO)—a top-fifteen leadership role in the multi-national hierarchy—was deployed back home as Chief Executive for Stanbic Uganda Holdings Limited, the listed entity that operates five units, including Stanbic Bank Uganda, the anchor subsidiary.
Karuhanga’s return to Uganda has since triggered a spate of positive human capital up-ward movement from Stanbic to the rest of the Standard Bank Group operations in Africa—showcasing the country’s potential as a fertile market for corporate leadership talent.
Doreen Rwakatungu Musiime
Chief Audit Officer
Standard Bank Group
In a move that insiders say was aimed at enabling Uganda to retain a strategic presence in Standard Bank Group’s top leadership echelons, Doreen Rwakatungu Musiime was named the new Chief Audit Officer, succeeding Francis Karuhanga, her former boss and mentor.
Until her elevation to Group CAO, Rwakatungu was the Head of Internal Audit for Africa Regions within the Standard Bank Group.
A chartered accountant who holds an MBA and Bachelor of Science in Electrical Engineering, Rwakatungu has over 20 years of experience in internal and external audit, mostly in the financial services industry.
She joined the Standard Bank Group in 2016 as the Head of Audit for Uganda and East Africa before being promoted to Head of Internal Audit for Africa Regions in 2021.
Anne Juuko
East Africa Global Markets Executive Head
Standard Bank Group
Just like her predecessor and mentor, after serving four years as the Chief Executive for Stanbic Bank Uganda, Anne Juuko was elevated to a regional role as Global Markets Executive Head for East Africa this April.
In her new mandate, Juuko, a Ugandan investment banker, now oversees seven African markets, including Uganda, Kenya, Tanzania, DR Congo, South Sudan, Malawi, and Zambia.
Juuko joined the Standard Bank Group in 2012 as head of Global Markets for Stanbic Bank Uganda, serving in that capacity until December 2017.
In January 2018, she was deployed to serve in a new responsibility as Head of Corporate and Investment Banking at Standard Bank Namibia, a role she held for two years.
In 2020, she was named Stanbic Bank Uganda’s first-ever female Chief Executive, succeeding Patrick Mweheire, who was elevated to regional Chief Executive.
Juuko is credited with successfully running the bank through the unprecedented period of the Covid-19 pandemic.
David Kenneth Mutaka
Executive Head, People and Culture
Standard Bank Mauritius
Mutaka, a compassionate people manager, humanist and huge rugby fan, has been named the new Executive Head of People & Culture for the Standard Bank Group’s operations in Mauritius, effective September 1, 2024.
David’s journey with Stanbic Bank Uganda began in 2010, during which time he served in several roles, including Senior Business Partner for Corporate Investment Banking (CIB), People & Culture, Head of Learning & Development, and Head of Sales, before returning to P&C as Executive Head, a role he held until his latest assignment to Mauritius.
Mutaka is credited for his emphasis on learning and development and talent grooming.
His visionary leadership has been instrumental in driving strategic initiatives like Future Ready Transformation, Brilliant Basics, and Cultural Transformation, which have enabled the brand to retain and attract top talent, which is at the centre of its strong financial outcomes.
Kenneth Kitungulu
Africa Regions, Head of Trading
Standard Bank Group
After establishing FlexiPay from scratch as a payments force to reckon with in the local market, Ugandan commodity and currency trading banker Kenneth Kitungulu has now been assigned a bigger role within the Standard Bank Group—as Head of Currency Trading for the Africa Regions.
Within the Standard Bank Group, Africa Regions refers to all markets operated outside of South Africa.
Kitungulu’s new appointment can be seen as a reward for assembling and leading a team that has presided over the rapid growth of FlexiPay, which has quickly become a preferred alternative to mobile money payments and currently serves around a million active subscribers on wallets and app.
In a related development, Catherine Poran, a Ugandan lawyer and experienced investment banker who was hitherto the Standard Bank Mozambique’s Executive Head of Corporate Investment Banking, has returned to Uganda to succeed Tony Otoa as the Chief Executive of Stanbic Business Incubator.
Several years ago, much of the Ugandan Banking industry was led by expatriates. It was rare to find Ugandan executives working in leading positions outside the country, but today, this has changed significantly. Today, we spotlight how Standard Bank, the parent company of Stanbic Bank Uganda, is changing that trend by giving several Ugandans a shot at top positions within the Group.