For the 7th consecutive year Stanbic Bank Uganda has been recognised by Bank of Uganda as the best performing commercial bank trading in the Government securities. (Treasury Bills and Bonds)
The award honours financial institutions that promote participation in trading in government securities in a bid to foster the development of financial markets and improve the secondary market trading system.
Accepting the award on behalf of the bank, Stanbic Bank CEO Patrick Mweheire said, “As the most active participant in the secondary trading market Stanbic bank plays a critical role supporting Uganda’s economic growth and national developmental agenda. Last year alone Stanbic bank accounted for 30% of the 5.1 trillion shillings in Government securities traded on the secondary market.” He noted that the bulk of these funds are used to finance construction of much needed national infrastructure projects so vital for trade and economic transformation.
Handing over the award at BOU headquarters in Kampala, The Governor BOU Emmanuel Mutebile said, “I wish to acknowledge the role that this year’s award winner Stanbic Bank Uganda Ltd has played especially for participating in the primary auctions, market making capabilities, consistent pricing as well as timely market intelligence. Because of their effort, they have been able to ensure efficiency in the operations related to the Government securities market at the central bank.”
The 5.1 Trillion in turnover of Government securities in 2017 represented a 29% increase from 2016. In the same vein, the ratio of secondary market turnover to the total outstanding stock of Government Treasury securities increased significantly to 41.0% in 2017 from 28.9% in 2016.
Launched in 2005, the Primary Dealer (PD) system aims to promote participation in Uganda Government securities markets, to foster the development of financial markets, to improve the secondary market trading system as well as to ensure efficiency in the operations related to the Government securities market at the central bank.