Godfrey Sebaana, the incoming Chief Executive Officer of Diamond Trust Bank Uganda (DTBU) has committed to building on the foundation left by his predecessor, Varghese Thambi to create an even more enhanced, reliable and always-on customer experience.
Speaking at a dinner hosted by the bank on May 21st 2024 to bid farewell to Thambi who has been the bank’s Chief Executive for the last 17 years, since July 2007, Mr. Sebaana said that he has already received board approvals for the planned enhancements, so customers should expect more customised products and services and a service experience that seeks to “break new ceilings”.
The dinner, held at the Kampala Serena Hotel was attended by the bank’s customers, staff and board.
“We’ve spent a lot of time with the board talking about our strategy⏤ what has to be done, immediately, in the medium term and the long term. The board has been very generous,” Mr. Sebaana told stakeholders at the dinner.
“To our customers, you should expect a DTBU and strategy ahead that is really around you our customers. The board has committed to investing in products that are going to be relevant to your business needs. I have interacted with the board for the last few days, and all our asks have been granted. You should expect new products, you should expect new systems, you should expect a state of the art service from the people at DTBU, but most importantly, you should expect a bank that is very reliable and a bank that really understands the Ugandan Market,” Sebaana said.
He also promised that DTBU was working to create a seamless experience, especially for those travelling outside Uganda to ensure that “wherever you are in the world, you are a bank away from accessing your funds”.
“We will ensure that DTBU is that bank that will always have you online,” he committed.
Sebaana joined DTBU Bank on April 2nd 2024 from Standard Chartered Bank where he was the Executive Director and Head of Corporate, Commercial, and Institutional Banking.
A seasoned banker with over twenty years of experience, Sebaana wields a broad experience in areas ranging from mergers, acquisitions, corporate advisory and financial institutions management, across various industry segments including global and local corporates, SMEs and retail. He is a qualified accountant and a fellow of the Association of Chartered Certified Accountants (ACCA) UK and holds a Master’s in Business Administration (MBA) from Heriot-Watt University Edinburgh Business School.
Speaking at the dinner, Ms. Nasim Devji, the DTB Group CEO expressed deep confidence in Godfrey Sebaana, as the perfect replacement for Thambi and said the bank looked to build on the new CEO’s deep experience and passion for innovation, to scale to newer heights.
“Godfrey has already been with us for almost two months and in this short time, has demonstrated a deep understanding of our vision. His extensive experience in the banking sector and his proven track record of driving growth and innovation, make him the perfect leader leader to steer DTBU into the future. I’m confident that under his leadership, we will continue to achieve even greater heights and deliver our business growth,” Ms. Nasim said.
“Godfrey, we are excited to leverage your strengths and expertise as we move forward. Together, we will build on the solid foundation laid by Thambi and ride DTBU to new levels of success. I’m confident that with the leadership of talented individuals like Godfrey and unwavering support from our Board, DTBU will continue to thrive and achieve remarkable growth. On behalf of the bank, I would like to extend our gratitude to the Bank of Uganda for their continued support, cooperation and guidance as we steer the bank to new heights,” she added.
Thambi’s rich 17-year DTBU legacy
Thambi leaves DTBU after 17 years since July 2007. During this time, he is credited with expanding and transforming the bank into one of Uganda’s most respected, successful and strategically important financial institutions.
Under his leadership, DTBU’s assets grew by nearly 40 times, from the UGX76 billion that he inherited to UGX 3 trillion at the end of 2023⏤ a Compounded Annual Growth Rate (CAGR) of 26%. This was on the back of total customer deposits growing by a CAGR of 25% from UGX 60 billion to UGX 2.21 trillion.
The total performing loan book grew by a CAGR of 21% from UGX 39 billion to UGX 879 billion.
This growth, transformed the bank’s market share from 0.65% on most of the parameters to 6.5%, with rankings ranging from 6 to 8 out of 25 Commercial Banks.
DTBU’s contribution to Group profits has also moved from a negligible 3% to 20%.
The number of staff has also grown from 60, of which about 88% were Ugandans, to 680 staff, of which 99% are Ugandans. 100% of all 37 branch managers are Ugandans and 56% of all DTBU staff are women⏤ the highest rate in the banking industry.
In his speech, Mr. Thambi thanked the bank’s customers, staff, board and the Bank of Uganda for creating a conducive environment for him to thrive and set a solid foundation on which the new CEO would build.
“My journey was with lots of ups and downs; through ‘murram roads with lot of potholes’. Now we reached the airstrip; my successor Godfrey Sebaana is in the cockpit now to take the DTBU aircraft to greater heights in the coming years,” he said, adding: “I wish him the very best and also request all the customers to grow with DTBU by extending him full support”.
Varghese Thambi⏤ a dedicated, honest and loyal leader with a beautiful heart
Nasim extolled Thambi for his incredible service to DTBU that has driven the bank to “remarkable heights”.
“Mr. Thambi is a beautiful person at heart. And I say this from the bottom of my heart. He has a beautiful, beautiful heart; a very kind heart; a very generous heart,” Nasim said, adding: “He is a devout family person; a devout Christian. I really enjoyed working with him. Every time we had issues or challenges, he would remind me what the Bible says. Thambi, I will not forget those days when we prayed together. Thank you very much”.
Nasim, who interviewed Thambi for the job in November 2006 and has been his supervisor for the entire 17 years, also applauded him for his “dedication, and leadership” that “have been instrumental in driving our bank to remarkable heights”.
“Under your stewardship, DTBU has seen exceptional growth, expanded its reach and solidified its position as a leading regional bank in East Africa. As you step into a well-deserved retirement, we thank you for your incredible service and wish you all the best in your future endeavours”.
Dr. Michael Atingi-Ego, the Bank of Uganda Deputy Governor, also applauded Thambi for his “exemplary leadership”.
“During his tenure, Mr. Thambi navigated DTBU through significant transformation within the financial services sector that was characterised by the emergence of various alternative service channels and a rapid adoption of innovative financial technologies. Mr. Thambi ensured that DTBU remains innovative, continuously introducing tailored products and services to meet the needs of the evolving needs of the clientele, thereby strategically positioning the bank in the industry. Under his guidance DTBU achieved remarkable growth, expanding its branch network from three to 37 branches nationwide, three cash collection centres, 56 ATMs, 22 deposit collection machines and 939 bank agents. Comrades, that is a big big achievement,” the Deputy Governor said.
“I commend Mr. Thambi for spearheading strategic initiatives that elevated DTBU from lower-tier institutions to a mid-tier bank. I thank the board of directors and staff for their unwavering support in achieving these milestones,” added Dr. Atingi-Ego.
Dr. Atingi-Ego further said that he was confident about the legacy of “strength and dynamism” left behind by Mr. Thambi and urged the board and staff of DTBU to extend their full support to Mr. Sebaana “as he endeavours to build upon DTBU’s foundation and propel the bank to even greater heights”.
Mr. Azim Kassam, the DTBU Board Chairman also commended Thambi for his “17 years of dedicated service and loyal leadership”
“He has grown the bank from the one branch that he found when joined to what it is today- one of Uganda’s most successful and strategically important financial institutions, with 37 branches across across the country, which has, for the past several years, achieved record-breaking financial results,” Mr. Kassam said, adding: ” In addition, and perhaps more importantly, under his leadership, and example, the bank has earned a well-deserved reputation for being run with honesty, integrity, and in accordance with the highest of ethics, principles and values”.