Stanbic Bank Uganda (SBU) is one of the 25 licensed commercial banks by Bank of Uganda. The bank is a majority owned subsidiary of Stanbic Africa Holdings Limited, which is in turn owned by Standard Bank Group Limited. In February 2002, Standard Bank acquired 90 percent shareholding in the Uganda Commercial Bank, a government-owned retail banking operation, which had the largest branch distribution network in the country. The new owners merged their new acquisition with their existing SBU to form Uganda’s largest commercial bank by assets and branch network. In January 2007, 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 percent of its shareholding at the same time, reducing their ownership to 80 percent. The bank then became Stanbic Bank Uganda Limited.