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In acquiring Crane Bank, did Juma Kisaame bite off more than he could chew?

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End of an era: Was Kisaame forced out of his UGX108m a month job?

Following several denials of leadership changes at dfcu Bank, the board today confirmed that the under-pressure long serving Juma Kisaame will be leaving the top helm of the bank.

According to a statement released by dfcu Bank Board Chairman Jimmy D. Mugerwa, Juma Kisaame will be leaving dfcu in the first quarter of 2019 on retirement and will be succeeded by Mr. Mathias Katamba.

Mr Katamba will take over the leadership role at dfcu Bank as CEO starting from January 2, 2019.

Even though the statement released by the bank says that Juma has elected to step down by resignation, insider sources confided in this website that Juma Kisaame has been forced to step down by the board, following the controversial acquisition of Crane Bank that has since cast the bank in negative limelight.

“Juma Kisaame was meant to retire early 2017, but his acquisition of Crane Bank bought him more time. Ironically it is the same acquisition that has led to his ouster,” said the source, who earlier broke the various changes at the bank to this website.

Mugerwa said that dfcu was banking on Katamba’s fifteen (15) years’ experience in the Finance & Banking sector, to take dfcu to the next level.

He said that Katamba is “well placed to continue the progress of the bank, building on the successes of his predecessor to the benefit of all stakeholders, contributing to the very important business sector in which dfcu operates and to the growth of the Uganda economy as a whole.”

Nothing was said of William Sekabembe, Kisaame’s right-hand man and dfcu Bank’s Chief of Business & Executive Director who was highly billed to replace Kisaame, but was ditched at the last minute.

Sekabembe was in August convinced by the board to reject a Managing Director job at KCB Bank Uganda and was promised to replace Juma Kisaame, “sooner than later” and was even offered a 47% salary increment to stop him from crossing to rival KCB Bank.

According to our sources, Sekabembe, the dfcu Chief of Business & Executive Director, effective this September 2018, had his basic salary increased from Shs38,035,800 in August 2018 to Shs56,000,000.

 

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