Hardly two years after assuming the role of Retail Banking Director at Barclays Bank, Uganda, Kumaran Pather is said to be headed to Orient Bank as Managing Director.
According to 3 separate sources, this reporter talked to, Kumaran has resigned his position at Barclays Bank and as he waits for Bank of Uganda’s approval.
Section 54 of the Financial Institutions Act (2004) requires all bank board directors to undergo a fit and proper test, carried out by the Central Bank.
Orient Bank is Uganda’s 12th largest bank by assets (UGX750bn:2018) and 8th largest by customer deposits (UGX618: 2018).
Kumaran is to replace Julius Kakeeto, who has been appointed as Managing Director at Post Bank to replace Steven Mukweli, the former Managing Director who, along with 7 other senior officials at the government owned bank are facing a host of corruption charges.
Kumaran, holds an MBA from the University of Johannesburg.
His senior banking career started at Standard Bank in South Africa where he was the Provincial Manager, Private Banking between 2001 and 2004 before heading out to Barclays Bank in Mauritius as Head of Retail Banking for 3 years till 2007. He then joined Bank Muscat International in Bahrain as Head of Retail Sales and Distribution Channels.
He would later leave Bahrain in 2009 to Teba Bank in Maputo, Mozambique as General Manager, Retail Banking Services. In October 2013, he joined Barclays Tanzania as Retail Business Banking Director and after 4 years, in January 2018, he joined Barclays Uganda.
Kumaran, replaced Nazim Mahmood (current Barclays Bank Uganda Managing Director) who previously held the Director Retail & Business Banking between August 2013 and August 2017. Sources say, Kumaran looked at himself as the next in line after Rakesh Jha’s retirement mid this year. However, the return of Nazim, in June 2019 could have demoralised him, probably leading to his exit to Orient Bank.
It is not yet clear, how much he will be paid at Orient Bank, but Kakeeto, the previous Managing Director’s gross pay was UGX44,580,000 (USD12,000).
Standard Chartered Bank’s Robert Wanok, moves to dfcu Bank
Anastacia Tshesane to become PwC SA CEOIn another senior banking executive movement, Robert Wanok, the former Country Head, Business Banking at Standard Chartered Bank, has moved to dfcu Bank, to replace Denis Kibukamusoke as Head, Consumer Banking.
Kibukamusoke, in June 2019 moved to Top Finance Bank- as Managing Director.
Top Finance Bank (TFB) is a licensed Tier II deposit taking financial institution and is majority owned by Chinese Businessman, You Jing Shu. Mr. Shu is the Chairperson of Guangdong Chamber of Commerce, a coalition that brings together about 50 Chinese companies in Uganda.
As of December 31st 2018, Top Finance Bank had UGX24.4 billion in assets, UGX20.1 billion in customer deposits and a loan book of UGX14.1 billion.
Mr. Wanok graduated from Makerere University with Bachelor’s in Business Administration (Finance & Banking) in 2001. He also holds an MBA from the famous Maastricht School of Management.
Wanok Spent 6 years at Barclays Bank, rising from a Senior Retail Manager in 2007 to become a Retail Director between March 2012 and September 2013. For 10 months, he was a Vice President at Barclays Africa Group in South Africa, till July 2014, when he returned to Uganda with a new assignment at Standard Chartered Bank as Head, Integrated Distribution. In September 2017, he assumed the Country Head, Business Banking role
According to a source, familiar with the appointment, Robert Wanok was the second best candidate- after Salim Kitagenda, a Ugandan working for Standard Chartered Bank, Kenya where he is the Head of Client Acquisition Kenya and East Africa. Kitagenda was apparently dropped over high remuneration expectations.
Another source at dfcu Bank intimated that Wanok, had been offered the Head, Consumer Banking position, way in 2015, but he snubbed it in favour of Standard Chartered Bank. The same source said that Wanok has been disgruntled following the appointment of a one Israel Arinaitwe, his former junior at Barclays Bank to replace Grace Muliisa in 2017 for the lucrative Head of Consumer Banking role.
Although Wanok later became the Country Head, Business Banking, the job he really wanted was Head of Consumer Banking. Another opportunity came in late 2018, after the exit of Israel Arinaitwe to Stanbic Bank, but Wanok again didn’t make it. Instead a one, Moses Rutahigwa, who in 2009 was a teller at Barclays Bank, when Wanok was an Area Manager, took the restructured and juicier Head, Retail & Business Banking job.
“The departure of Denis Kibuukamusoke who, in 2015 had had taken the Head of Consumer role at dfcu Bank that he had rejected gave him a new exile option having lost hope of growth Standard Chartered,” said the source.
