Anthony Ndegwa, the current Managing Director of CBA Bank Uganda, has been designated the new Managing Director of NCBA Bank Uganda Ltd- a new entity resulting out of a merger between CBA Bank Uganda and NC Bank Uganda.
CEO East Africa can also exclusively reveal that Sam Ntulume NC Bank Uganda’s current Managing Director as well as Mark Muyobo, the NC Bank Uganda’s current Executive Director, have been designated Executive Directors of the now bigger bank with assets in excess of UGX548 billion as at March 2020.
The merged entity will command about 2% of the market share and will sit in the 15th position, out of 25 banks- as per 2019 results.
Gerald Muhereza, hitherto CBA Uganda’s Executive Director, will become the new Head of Consumer Banking.
“Yes it is true indeed,” Dr William Muhairwe, the CBA Bank Uganda Board Chairman, told CEO East Africa when contacted by phone to confirm the above appointments.
It is however not yet clear, who, between Dr Muhairwe and city lawyer, Timothy Masembe, the NC Bank Uganda Chairman will chair the new entity.
The merger in Uganda, follows 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.
How Stanbic Bank CFO Ronald Makata Blends Governance, Technology and Human Leadership to Drive PerformanceAccording to a media announcement earlier today, Bank of Uganda has given a no-objection to the merger, expected to come into full play by September 2020.
In the joint media statement, issued by Sam Ntulume and Anthony Ndegwa, the duo said that a new brand that reflects the values of both banks will be announced soon. The statement also said that the new brand will borrow from the best of both worlds, “building new strengths to deliver better banking experience for our customers and set new standards for the industry.”
“We are now on the final leg of becoming one bank,” the duo said, adding: “Our ambition is that by end of quarter 3, 2020, all NCBA customers will experience seamless service levels.”
Who is Anthony Ndegwa, the new NCBA Uganda Managing Director?
Anthony Ndegwa was appointed the CEO of Commercial Bank of Africa (Uganda) Limited in May 2018. Anthony has worked for about 30 years in various profit and non-profit institutions, mainly in accounting and banking functions. In the banking sector, Anthony has worked for First American Bank, Credit Agricole Indosuez, Citibank (in Kenya and Uganda), Standard Chartered Bank and Bank of Africa.
The senior roles that Anthony has held in banking, include Head of Corporate and Investment Banking at Citibank, Director Corporate Banking at Citibank Uganda Limited, East Africa Transactional Banking Sales Head of Global Corporates, at Standard Chartered Bank and Head of Enterprise Centers at Bank of Africa. Anthony is a Certified Public Accountant of Kenya (CPAK), a holder of an MBA from Herriot-Watt University – Edinburgh Business School and a Bachelor of Science in Business Administration from United States International Universi
