Reports coming in indicate that the outgoing Managing Director of DFCU Bank Juma Kisaame has packed all documents and moved them out of office. Dfcu Bank has already recruited his successor.
Mr. Mathias Katamba will replace Kisaame, whose 11 year stint at Dfcu bank will end in the first quarter of 2019.
Dfcu has had major changes in this year, beginning with the exit of CDC Group from the bank’s shareholding, which leaves Arise Investments BV majority shareholding. His stay at Dfcu Bank has also seen changes on the board of directors.
Kisaame led the acquisitions in the banking industry in Uganda, as Dfcu Bank acquired the assets and some liabilities of Global Trust Bank Uganda in 2014 and later Crane Bank Limited in 2017. The two acquisitions have been queried by the Auditor General John Muwanga’s special audit report of Bank of Uganda on seven defunct banks such as; Crane Bank Limited, Teefe Trust Bank, Greenland Bank, International Credit Bank, National Bank of Commerce, Global Trust Bank and Cooperative Bank.
Parliament’s Committee on Commissions, Statutory Authorities and State Enterprises (Cosase) is probing Bank of Uganda (BoU) top officials based on Mr. Muwanga’s report and given that Kisaame led the purchase of Crane Bank Limited (CBL) and Global Trust Bank Uganda, he remains to be a key witness when the committee scrutinizes the controversial sale of the two banks. Dfcu Bank bought CBL at Shs200 billion and is paying in installments.
Sources say Kisaame could have profiteered from that deal. Recently it was discovered he held US $40,000 on his account in one of the banks in Kampala. Inside sources say some shareholders were not happy with the way Kisaame handled the bank’s business, the reason why some opted to exit.
Kisaame has seen tremendous growth increasing shareholders value, key among which included dfcu becoming the second largest bank, which resulted in three-fold balance sheet growth to more than Shs3 trillion, a customer base of close to one million and a network of 65 branches.
Mr Katamba, who replaces Kisaame from Housing Finance Bank, has more than 15 years of finance and banking experience, 12 of which have been at executive level.
He has previously worked at Finance Trust Bank, Orient Bank, Postbank and Barclays Africa.
Dfcu Bank Chairman Jimmy Mugerwa says the bank believes Katamba is well placed to continue the progress of Dfcu by building on the successes of his predecessor to the benefit of all shareholders.