Markets & Finance

Ugandan takes over from Kenyan at Stanbic UG


Investment banker Patrick Mweheire. PHOTO | FILE

Stanbic Uganda has replaced its Kenyan chief executive officer with seasoned investment banker Patrick Mweheire, the first time a local will be at the helm.

A letter by Stanbic to the Uganda Securities Exchange (USE) said the appointment had been approved by the Bank of Uganda.

“This is to notify you Mr Patrick Mweheire has been appointed chief executive and managing director of Stanbic Bank Uganda Ltd,” said company secretary Sarah Nambasa in a letter to the USE dated 31 December 2014.

He takes over from Philip Odera, a Kenyan who has been the bank chief since 2007. He succeeded Kitili Mbathi, another Kenyan, who steered the bank from late 2001 when it notably took over Uganda Commercial Bank Ltd and later listed on local bourse.

Mr Mweheire, 44, was the head of corporate and investment banking prior to his promotion, after joining the bank in 2012. He has an economics degree from Daemen College (US) and a Master of Business Administration from Harvard University.

The 2012 move to Stanbic Uganda came on leaving Renaissance Capital in February 2012, where he was the regional chief executive officer for two years in Nairobi.

Stanbic, majority owned by South African giant Standard Bank, is Uganda’s largest bank by assets which stood at $3.2 billion (Sh288 billion) as at the end of 2013.

Standard Bank SA owns 80 per cent stake. It debuted on the USE in 2006.

READ: Kenyan banks find the going tough in Uganda