Last week Thursday, Jan 25, 2007, the Uganda Securities Exchange (USE) witnessed the official listing of Stanbic Bank Uganda Limited, with its share price opening at Ushs 150 per share, oscillating to a high of Ushs 240 per share before closing the session at Ushs 205 per share. The counter recorded a total turnover of Ushs 4,718,169.
Stanbic Bank in Uganda is part of one of Africa\'s leading banking and financial services group, Standard Bank.
Standard Bank, based in Johannesburg, South Africa, has total assets of about US$81 billion and employs about 35 000 people worldwide. Its network spans 17 sub-Saharan countries (including South Africa) and extends to 21 countries on other continents, including the key financial centres of Europe, the United States and Asia. In addition to banking, Standard Bank has a strategic interest in the insurance industry through its control of the Liberty Group, one of Africa\'s leading life offices and financial services groups.
The bank was founded in Uganda as the National Bank of India in 1 906, which after several name changes became Grindlays Bank. When the Standard Bank Group bought the Grindlays\' network in Africa it also, in October 1993, re-established a connection with Uganda.
Stanbic Bank is licensed as a merchant banker, stockbroker and financial adviser by the Uganda Capital Markets Authority, which licensed the Uganda Securities Exchange in June 1997.
In February 2002, Stanbic Bank bought 90% shares into Uganda Commercial Bank - FirstGlobalSelect