Anthony Ndegwa the Managing Director & Chief Executive Officer of NCBA Bank Uganda is leaving his position, effective next week, CEO East Africa has exclusively established.
He is being replaced by Mr Mark Muyobo, the current Executive Director, Corporate Banking and Structured Solutions in an acting capacity.
“Yes it is true he is leaving,” Mr Grace Jethro Kavuma the bank’s Board Chairman confirmed to this reporter on phone.
“It is also true that Mark Muyobo has been appointed to replace him in acting, capacity,” Mr Kavuma also told this reporter.
Mr Kavuma did not comment on why Anthony Ndegwa had to leave and in haste, but an impeccable source who first broke this story to us, said that Ndegwa was shown the exit by the Board over performance issues and failure to handle the change management process.
“The bank has been struggling with the cultural mix up of the two banks and this has caused a number of frustrated staff to leave, especially those that worked under NC Bank,” said the source.
The source also intimated to this reporter that the bank last year wrote off a significant amount in bad loans, said to be more than UGX 26 billion.
Anthony was appointed as the Chief Executive Officer, of NCBA Uganda Limited in June 2020 following the merger of CBA Bank and NC Bank operation in Uganda. The merger in Uganda, followed a September 2019 merger at the group level back in Kenya, between NIC Group PLC- the parent company of NC Bank and CBA Group the parent company of CBA Bank, to form NCBA Group PLC. The resulting merged banking operation was named NCBA Bank Kenya PLC.
Letters to My Younger Self: Robinah Siima — “Success Is Quieter, But Richer”Before June 2020, Anthony Ndegwa was CEO of Commercial Bank of Africa (Uganda) Limited since May 2018, having replaced Samuel Odeke, the founding CEO of the Bank in Uganda.
Who is Mark Muyobo?
Mark, who has been the Executive Director, Corporate Banking and Structured Solutions holds over 20 years in the Financial and Audit Services sectors.
Mark Muyobo joined NC Bank in October 2018 as an Executive Director from Barclays Bank Uganda (now Absa Bank Uganda) where he had worked for slightly above 11 years, rising to become the Vice President, Global Corporates. Prior to this, he worked with dfcu Bank, KPMG, and ABSA Capital in South Africa.
Mr Muyobo holds a Master’s Degree in Business Administration from Heriot-Watt University, United Kingdom and is a Fellow of the Association of Chartered Certified Accountants (FCCA). He also holds a Bachelor’s Degree in Business Administration from Ndejje University and also holds an Advanced Diploma in Corporate Lending from the IFS School of Finance, London.
In July 2020, CEO East Africa Magazine named Mark Muyobo amongst the top 25 bank executives fit for bank CEO jobs. The other person on that list that has gone on to become a bank CEO is Grace Muliisa, who was recently appointed the Managing Director for Ecobank Uganda from Stanbic Bank, where she was the Head Personal and Business Banking.
