Meet Raj Kumar Meena; Bank of Baroda’s new Managing Director in Uganda

Bank of Baroda, Uganda’s 6^th largest bank, has a new Managing Director- Mr. Raj Kumar Meena.

R.K Meena who joined the bank in April 2020 comes into Uganda with more than 28 years of banking experience. He started his career in 1992 in Baroda’s parent bank; Bank of Baroda, India- the $3 billion Indian banking giant.

Prior to joining as Managing Director of Bank of Baroda (Uganda) he was working as the Regional Head of the Udaipur Region in India, where he managed 101 branches with total business of more than the equivalent of UGX 4 trillion. Before that, worked in various verticals of the Bank which included branch operations, administrative offices and the training centre. He also at one time worked as the Operations Head of Baroda’s International Banking Branch in India,

His areas of specialty includes: retail banking, marketing, corporate & agriculture finance as well as priority sector lending. Mr. Meena replaces Ashwini Kumar who left for India after his 3 years’ tour of duty ended in April 2020.

Mr. Kumar who arrived in Uganda in April 2017 is credited for growing Baroda’s deposits in Uganda by 23.3% from UGX1.2 trillion to UGX1.44 trillion at the end of 2019. As a result, total income grew 14.8% from UGX174 billion in 2017 to UGX199.8 billion in 2019. This was largely on the back of a 30.4% growth in lending from UGX616.6 billion to UGX804.3 billion.

During Kumar’s time, assets grew by a total of 22.1% from UGX1.53 trillion to UGX1.9 trillion. However, although in 2018, he grew profitability by 48.7% from UGX49.4 billion to UGX73.5 billion, the year 2019 wasn’t as profitable. Profits dipped by 38.2% to UGX45.4 billion.

R.K Meena’s work is cut out- he will need to re-stimulate all the bank’s business lines, and restore firmer growth in incomes and profitability.