History
The bank was founded in Uganda as the National Bank of India in 1906. After several name changes, it became Grindlays Bank. In 1991, Standard Bank bought the Grindlays Bank network in Africa. The new owners renamed the bank Stanbic Bank (Uganda) Limited. Stanbic Bank (Uganda) Limited is licensed as a merchant banker, stockbroker and financial adviser by the Capital Markets Authority, which licensed the Uganda Securities Exchange in 1997.
In February 2002, Standard Bank acquired 90% shareholding in Uganda Commercial Bank, a government-owned retail banking operation with sixty-five (65) branches. The new owners merged their new acquisition with their existing Stanbic Bank (Uganda) Limited to form Uganda's largest commercial bank by assets and branch network. In November 2005, the Government of Uganda divested its ownership in Stanbic Bank (Uganda) by listing its shares on the Uganda Securities Exchange. Standard Bank also floated 10% of its shareholding at the same time, reducing their ownership to 80%.
Read more about this topic: Stanbic Bank (Uganda) Limited
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