Uganda

Stanbic Bank Uganda, part of the Standard Bank Group of South Africa, is the clear winner in Uganda. Following the February 2002 acquisition of the run-down Uganda Commercial Bank, which was under central bank statutory management, Stanbic has transformed itself from a two-branch corporate bank into a nationwide corporate and retail bank. And in no time, profits have followed. Net profits in 2003 ballooned by 40% and return on equity topped an impressive 55%. Having taken over an antiquated 67-branch network, Stanbic set about computerising and rehabilitating it, connecting branches to a central information system. The conversion of the branch network has radically changed payments in Uganda, permitting traders to make and receive payments through the bank instead of utilising cash. Streamlined operations have cut the time to clear cheques from 21 to four days. In addition, Stanbic rolled out 35 automatic teller machines across the country, widening access to banking services and reducing waiting times. “Stanbic Bank takes world-class banking into Uganda’s remotest corners. All branches have been refurbished and networked to one computer platform enabling online any-branch customer transactions,” says MD Kitili Mbathi. Impressively, Stanbic achieved this while growing its corporate loan book.