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The CEO 100

Money men: The 8 gentlemen who control 77% of Uganda’s banking industry

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Stanbic's Patrick Mweheire. In the four years he has spent at the bank, Mr Mweheire has presided over sustainable growth, keeping the lender is the lead as Uganda's largest bank by assets, lending, deposits, income and profitability.

Yes, they are all men.

They are powerful. They run 8 of Uganda’s largest banks and they are paid handsomely too.

The 8 CEOs are each paid on average a gross salary of UGX94.5 million a month or collectively UGX756.2 million Shillings per month and UGX9 billion a year. 

This excludes performance bonuses.

Meet the 8 perfect gentlemen and their well-lined wallets.  

See complete list of the most paid bank executives here: https://www.ceo.co.ug/exclusive-earnings-of-ceos-and-executive-directors-of-23-of-24-of-ugandas-banks/

Rakesh Jha, Barclays Bank

Gross Salary: 1,783,378,716 p.a.

Nationality: Indian

Barclays Bank’s Rakesh Jha. He is credited for having stabilised Barclays since he arrived in 2014- reducing operating costs and NPLs, while growing assets and deposits

A graduate of the University of Mumbai and a holder of a 1st class Marketing MBA from the Institute of Management and Entrepreneurship Development (IMED) in India, Rakesh Jha’s 26-year banking career started at Standard Chartered Bank, India as a Customer Relationship Manager.

He then went on to work at the Bank of America and HDFC Bank in India before moving on as Director, Private Banking at Standard Chartered in Dubai. In 2008, he crossed over to head Consumer and Private Banking at Barclays Mauritius and in 2011 was appointed the Managing Director & CEO, Barclays Mauritius.

After 3 years, he in September 2014 was posted to head Barclays Bank Uganda as CEO.

Also read: https://www.ceo.co.ug/trillionaires-club-inside-8-of-ugandas-biggest-banks-each-with-over-ugx1-trillion-in-assets/

In the four years he has been at Barclays Uganda, he has overseen a Compound Annual Growth Rate (CAGR) of 13.3% in assets on the back of stronger deposits and lending growth.

As at end of 2018 Assets stood at UGX2.8 trillion and lending at UGX1.2 trillion versus UGX1.5 trillion and UGX594.6 billion in 2014 respectively.

He has also grown consumer deposits by 63% from UGX1.1 trillion to UGX1.8 trillion while Non Performing Loans have been reduced by 41.2% (CAGR -10.1%) from UGX91.8 billion in 2014 to UGX54 billion in 2018.

In the four years, he has been at the helm, Barclays Uganda’s profitability has also improved steadily (CAGR10.81%) from UGX41.3 billion in 2014 to UGX72 billion in 2017 and then UGX69 billion in 2018.

Overall, Barclays remains a much more stable and robust bank than it was in 2014. 

Patrick Mweheire, Stanbic Bank

Gross Salary: UGX1,581,967,152

Nationality: Ugandan

Stanbic’s Patrick Mweheire. The Harvard alumni, has been behind the bank’s brisk growth over the last 4 years- most importantly keeping a balance between interest and non-interest income. Stanbic is also probably Uganda’s most affordable lender with a rate that is closes to the CBR.

Born and raised in Uganda, Patrick Mweheire, went to Buganda Road Primary School and then to Kings College Budo for six years. At the age of 18 years, he left for the United States of America where he would spend most of his education and work life.

He graduated from Daemen College in New York in 1994 with a Bachelor of Science in Economics with a distinction. At the age of 23, he started off work at Prudential Securities as a Financial Analyst.

In June 1999 he completed an MBA from the prestigious Ivy League Harvard University and immediately joined Prudential Securities Inc. (1994-97) as a Financial Analyst and went on to work at Merrill Lynch & Co, one of the top 5 biggest investment banks, as an Associate- Mergers & Acquisition Group. In 2002, he was promoted to Director- Financial Services Group for a colourful 6 years that saw him get involved either as a Mergers & Acquisition Advisor and or Book Runner in several major transactions, worth a combined $11 billion.

He returned to Uganda in 2008 and took up a position as Managing Director- Head of Investment Banking Africa and CEO East Africa, for Renaissance Capital, one of Russia’s largest investment banks with offices across the world. After 4 years, he in 2012, joined Standard Bank Group as Executive Director- Head of Corporate & Investment Banking at Stanbic Uganda.

In January 2015, he was appointed Managing Director of Stanbic Bank, Uganda’s largest bank.

In the 4 years, he has been at the bank, he’s led a 9.91% CAGR growth in assets from UGX3.7 trillion in 2015 to UGX5.4 trillion. During his time, customer lending has grown from UGX1.9 trillion to UGX2.5 trillion (CAGR 7.10%) and Customer deposits have grown from UGX2.4 trillion to UGX3.9 trillion (CAGR 12.91%). He has also maintained steady growth in income from UGX533 billion in 2015 to UGX 661.1 billion.

As a result, there’s been a 9.33% CAGR in profitability from UGX151 billion in 2015 to UGC215.1 billion in 2018.

 Albert Saltson, Standard Chartered Bank

Gross Salary: 1,262,818,584 p.a.

Nationality: Ghanaian

Standard Chartered Bank’s Albert Saltson. He has stabilised the bank from the doldrums caused by massive NPLs in 2015 and 2016.

A graduate from the Kwame Nkrumah’ University of Science and Technology, Kumasi, Ghana, Albert Saltson also holds a MBA in International Banking from the Henley Management College, United Kingdom.

His advanced banking career started at Standard Chartered Bank, Zambia as head of Consumer Baking in 1998, from whence he went to become Executive Director, Consumer Banking at Standard Chartered Bank in Ghana in 2001.

Between 2007 and 2015 he served as CEO, Standard Chartered Sierra Leone and in June 2015 he was appointed CEO Standard Chartered Gambia till April 2017 when he was appointed as CEO, Standard Chartered Bank Uganda to replace Herman Kasekende, who moved to Zambia.

Under him, Standard Chartered Bank’s assets have grown by 3.9%- from UGX2.8 trillion to UGX2.9 trillion on the back of a 7.3% growth in lending from UGX1.2 trillion to UGX1.3 trillion.

This has led to a 15.4% rise in income from UGX395.7 billion to UGX400.8 billion.

This was achieved at a relatively stable cost base- costs reduced by UGX1.3 billion from UGX284.6 billion to UGX283.3 billion, hence a 3.1% rise in profit from UGX93.2 billion to UGX96 billion- earning Standard Chartered a slot as the country’s 3rd most profitable bank, from the 4th position in 2017.

He arrived at a time when Standard Chartered was bleeding due to NPLS (UGX114 billion in 2015 and UGX112 billion in 2016. This, he reduced to UGX78.6 billion in 2017 and 22.2 billion in 2018.

Mathias Katamba, dfcu Bank

Gross Salary, UGX1,245,913,800 p.a.

Nationality: Ugandan

dfcu’s Mathias Katamba. Fresh from Housing Finance, he has a lot of homework to do, especially repairing dfcu’s image and maximising return on shareholder investments into the Crane Bank acquisition.

Mathias Katamba was poached from Housing Finance Bank (HFB) to replace Juma Kisaame who left the bank this January amidst several controversies.

Katamba’s flourishing 18-year banking career, spans various roles at Orient Bank, Post Bank, Barclays Bank,  Pride Micro Finance , Finance Trust Bank and Housing Finance Bank where he grew the bank’s assets by 23% from Shs597bn in 2014 when he joined to Shs733bn in 2017 by the time he left. 

He holds an MSc (Financial Management) degree from the University of East London with additional qualifications from Harvard University’s John F. Kennedy School of Government and the University of Pennyslavia’s The Wharton School.  

His biggest job at dfcu will be to restore the bank’s image as well as consolidate the gains from acquiring Crane Bank and give shareholders a befitting return. He will also need to steer the bank through the several multibillion court suits emanating from the Crane Bank acquisition.

Perhaps, biggest on the agenda is to jerk up dfcu’s share price that has between July 2018 and March 2019 lost 28.8% but has since held steady at UGX670 billion.

Varghese Thambi, DTB Uganda  

Gross Salary: 1,084,407,660 p.a.

Nationality: Indian

DTB Uganda’s Varghese Thamb (right) at a recent launch for Express Money transfer services.

He graduated at the St Thomas College, Thrissur in Kerala State, India with a Bachelor’s Degree in physics in 1975. He was a branch Manager at India’s Dhanlaxmi Bank for 18 years, before joining IndusInd Bank in India as Senior Vice President for 12 years (between April 1995- July 2007).

He joined DTB Uganda as Chief Executive Officer in July 2007.

He is a member of the Certified Associate of Indian Institute of Bankers (CAIIB) and holds a Post Graduate Law Diploma in Cyber Laws

He has kept DTB Steadily in the top 10 Ugandan banks.

Today DTB Uganda is the 7th largest bank by assets (UGX1.6 trillion), by customer deposits (UGX1.14 trillion) and by profits (UGX18.2 billion).

It the 8th biggest lender with UGX534.2 billion lent out in 2018.   

Fabian Kasi, Centenary Bank  

Gross Salary: UGX1,068,458,124 p.a

Nationality: Ugandan

Fabian Kasi of Centenary Bank, under whom Centenary has become perhaps the fastest growing bank in Uganda.

Fabian has been a banker almost all of his working life.

He started as a Banking Officer at Bank of Uganda in 1992. After eight years, he briefly worked as a Director of Finance & Administration at Finca Uganda, a global microfinance organisation, before heading out to Rwanda’s Banque Commerciale du Rwanda (BCR) as CFO.

After just 9 months in Rwanda, he was appointed the Managing Director for Finca a job he held for 8 years and 3 months.

He was appointed Centenary Bank Managing Director in August 2010.

He holds a Bachelor’s degree in Commerce and Accounting from Makerere University, as well as an MBA from the University of New Castle in the UK.

During his 8 years at the Bank, he has made Centenary Bank, Uganda’s fastest growing bank- growing assets by more than 5 times from UGX582.7 billion in 2010 to UGX3.2 trillion in 2018.

Customer deposits have grown by 5 times from UGX443.4 billion to UGX2.3 trillion and lending by four times from UGX343 billlin to UGX1.5 trillion in the same period.

Aa result, the bank’s profitability under his stewardship has leaped by 438% from a mere UGX20 billion to UGX107.6 billion.

Samuel Kirubi, Equity Bank

Gross Salary: UGX874,800,000 p.a.

Nationality: Kenyan

Equity Bank’s Samuel Kirubi at a recent launch of the bank’s Eazzy Banking Solution. He was appointed in 2016 to head Equity Bank Uganda.

Ashwini Kumar, Bank of Baroda      

Gross Salary: UGX173,167,956 p.a.

Nationality: Indian

Bank of Baroda CEO, Ashwini Kumar. He is the lowest paid bank CEO in Uganda

Little is known about Ashwini Kumar before he ascended to the helm of Bank of Baroda on 12th April 2017, following the exit of Birbal Singh Dhaka, the bank’s boss, since December 2013. 

In the two years, he has been at Baroda he has grown the bank’s assets by 11.8% from UGX1.53 trillion in 2017 to UGX1.71 trillion in 2018.

Shareholders of Bank of Baroda (USE: BOBU) will smile all the way to the bank following a 48.7% reported increase in net profit. According to results published last weekend, the lender’s profit grew from UGX49.4bn to UGX73.48bn- thanks to a 12.6% rise in income coupled with 6% drop in total costs.

Total income rose from UGX174bn in 2017 to UGX196bn while total expenditure declined from UGX109.9bn to UGX103.3 bn.

The bank’s assets are backed by a 22.8% rise in lending- from UGX616.6bn to UGX757.2bn leading to a 12.6% growth in income, from UGX174 billion in 2017 to UGX196 billion in 2018.

A rise in income, coupled with a 6% decline in costs- from UGX 109.9 billion to UGX103.3 billion, led to a 48.7% growth in net profit; UGX49.4bn in 2017 to UGX73.48bn in 2018.  

The year before Kumar joined, total assets increased by 4.02% while net profit increased by a mere 0.27%.

Kumar’s shareholders will be smiling all the way to the bank following a proposed 33.3% increase in dividends from UGX7.5 per share to UGX10. The bank has set aside UGX25bn (34% of the profit) for dividend pay-outs.  

At a monthly salary of, UGX14,430,663, Kumar is the lowest paid CEO in Uganda, even though his bank is among the top 8 banks in Uganda.

The CEO 100

Geologist, Proscovia Nabbanja appointed as UNOC caretaker CEO

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Nabbanja, a geologist has been COO at UNOC and wields a combined 19-years’ experience in oil & gas. A Makerere university alumni, she holds an Msc (Petroleum Geoscience) and MBA both from the Imperial College Business School, London.

Proscovia Nabbanja, the Chief Operating Officer at the Uganda National Oil Company (UNOC) has been appointed by the board as the interim caretaker CEO.

Wholly owned by the Government of Uganda, UNOC is a limited liability company whose prime purpose is to handle the Government of Uganda’s commercial interests in the petroleum sector and to ensure that the resource is exploited in a sustainable manner.

Nabbanja steps into the shoes of Dr. Josephine Wapakabulo who resigned in May this year over- what she said was the need to focus on family and pursue new opportunities.

Considered an insider, Nabbanja has been part of Uganda’s baby-steps in oil & gas and has matching education qualifications to match the job. Chances are that she will be confirmed as the substantive CEO

Some insiders however say although Dr. Wapakabulo was an engineer by background, with a PhD in Information Science from Loughborough University and a Global Executive MBA from the prestigious                

Institut Européen d’Administration des affaires (European Institute of Business Administration) INSEAD, she was seen by many of the oil & gas experts at UNOC, many of whom were part and parcel of oil & gas story and history, as an outsider and imposed upon them by president Museveni.

This resistance could have fast-tracked her self-ejection.  

Who is Nabbanja?

Nabbanja has been in the COO role at UNOC since November 2016.  

Before that, she served as a geologist at the Petroleum Exploration Development and Production (PEPD) of Ministry of Energy for 15 years, rising to the level of Principal Geologist, a role she held between April 2015 and October 2016.    

A holder of Bachelor of Science in Geology & Chemistry from Makerere University, Nabbanja also holds an Msc, Petroleum Geoscience from the Imperial College London as well as a Master of Business Administration (MBA) from the Imperial College Business School.

She also holds a Diploma in Management of Petroleum Operations and Development from PETRAD Norway.

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The CEO 100

Who is Mariam Nampeera Mbowa, the new Tullow Oil Uganda boss?

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Mariam Nampeera Mbowa is a seasoned oil & gas lawyer with a 24 year experience in the business

CEO East Africa Magazine, has confirmed that after 7 years at Tullow Uganda Operations Pty Limited, Jimmy Mugerwa leaves for London, where he has been reportedly appointed Group Director for Infrastructure and Organisation.

In his place, industry sources say, Mariam Nampeera Mbowa, a seasoned Ugandan oil & gas lawyer with over 24 years’ experience in the business, has been appointed as Managing Director.

Mugerwa, joined Tullow in August 2012 from Kenya Shell Ltd where had worked for 4 years and 10 months as Country Chairman/Sales Operations and GM for East Africa. Before Kenya, Mugerwa, who started his career at Shell Uganda in 1994, served in various roles in Ghana and at the Shell Africa office, rising to the Senior Regional Advisor, Sub-Saharan Africa between August 2007 and December 2009. While in Kenya he also worked as Director at the Petroleum Institute of East Africa

Jimmy Mugerwa, speaks at the farewell party of dfcu Bank’s former Managing Director, Juma Kisaame. His tenure as dfcu Board Chairman was overshadowed by dfcu’s controversial takeover of Crane Bank.

In Uganda, Mugerwa has been serving as Non-Executive Director at East African Breweries Limited as well as Chairman/Non-Executive Director at Dfcu Bank. His days at dfcu Bank were overshadowed by the controversial takeover by dfcu Bank of troubled lender Crane Bank- process that was recently found to be flout with several irregularities by a Parliamentary probe Committee.

Dfcu faces several multibillion shilling law suits as a result of the acquisition.

Trailblazer and one of a Ugandan few oil and gas lawyers

When CEO East Africa Magazine reached her by telephone regarding the appointment, she declined to comment.

“I can’t comment. I can’t comment for now,” she said on the phone.

Jimmy Mugerwa was unreachable by phone and he did not respond to our WhatsApp messaging inquiries by press time.

However, from industry sources, Mariam is an experienced oil and gas lawyer, very familiar with corporate and commercial law as well as the legal and regulatory issues across the oil and gas business value chain- upstream, midstream and downstream. 

She is the first female chief executive in an all-male dominated oil & gas majors troika, consisting of Tullow Oil, CNOOC and Total SA- but certainly no stranger.

Until her appointment, Mariam has been working as General Counsel-East Africa since May 2015- where she headed the Tullow Uganda and Kenya legal Teams, to “enable proactive resourcing and risk management of legal issues relating to Tullow’s Uganda and Kenya Business Units”, according to her LinkedIn profile.

She was also the team leader on “all material legal and compliance risk issues impacting the Ugandan and Kenyan business units.”

In that capacity, she also doubled as a Director on the Tullow Uganda Operations Pty Limited Board.

As Uganda moves closer to oil production, Tullow Oil will be counting on Mariam’s domestic, regional and global expertise in upstream, midstream and downstream operations to bring the prize home.

Before that, the she was the Regional General Counsel-Uganda- from January 2011 to May 2015. In that capacity she dealt with a number of issues especially the management of the Joint Venture between Tullow, Total E&P and CNOOC.

Before Tullow Oil, she worked for over 12 years within the Shell International BV family in various capacities and in a number of jurisdictions.  

At Shell she started out as Company Secretary and Legal Advisor- at Shell Uganda Limited, between June 1998 to September 2003 and then headed to Brunei where she was a Senior Legal Advisor for 2 years at Brunei Shell Petroleum Sdn Bhd. She then headed to Shell International BV headquarters in the Netherlands as Legal Counsel, Gas & Power for slightly over 3 years.

From here, she got appointed Legal Counsel at Shell International Exploration and Production BV where she was assigned to the Shell Development Kashagan BV (the entity tasked to engineer, develop and construct facilities to bring phase II of the Kashagan field in the North Caspian Sea to full commercial oil and gas production.  

The Kashagan project involved a consortium of seven international oil companies and the National Oil Company of Kazakhstan. Her major role, involved managing and advising on licensing, regulatory and legal issues arising out of the North Caspian Sea Production Sharing and Joint Operating Agreements.  

As Uganda moves closer to oil production, Tullow Oil will be counting on her domestic, regional and global expertise in upstream, midstream and downstream operations to bring the prize home.

Perhaps a change in management could also warm up Tullow Oil’s planned sell of their 21.57% in Ugandan exploration areas to Total SA, a move that has overly delayed.

Before Shell, she worked as Legal Officer at Uganda Petroleum Company Limited (formerly Mobil Oil Uganda), between 1994 and June 1998,

Mariam holds Bachelor of Laws (LLB) from Makerere University and Masters of Law, Commercial and Corporate Law from the London School of Economics and Political Science. She also holds a Diploma, in Petroleum Policy and Management from PETRAD-Stavanger, Norway as well as a Diploma in Legal Practice, from the Law Development Centre in Makerere.

She went to Stella Maris Boarding Primary School, Nsuube and then Kibuli Senior Secondary School where she completed her Uganda Advanced Certificate in Education (A-level). She is married Professor Swaibu Mbowa, a Makerere University Agricultural Economics don and a Research Fellow at the Economic Policy Research Centre (EPRC). 

She is an advocate of the High and Supreme Courts of Uganda.

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The CEO 100

CEO OF THE MONTH: A tale of Fabian Kasi’s 9 years at Centenary Bank and the making of Uganda’s 2nd largest bank

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Fabian Kasi, under whose 9 years of leadership, Centenary Bank, has emerged as Uganda's second largest bank with 11.3 percent market share

Centenary Bank’s soft-spoken Managing Director, Fabian Kasi, this August, starts his 10th year at Centenary Bank- 10 years of impressive growth, whichever way you look at it.

Kasi, was among the first crop of indigenous CEOs to head the top 10 banks in the late 2000s- previously, a preserve of foreigners- mainly Kenyans. At the time, he became CEO in 2010, he was one of only three Ugandan CEOS of the top 10 banks- the other being Juma Kisaame (dfcu) and Nicholas Okwir (Housing Finance Bank).

Thanks to him and other good performing Ugandan CEOs, who broke the glass ceiling, today there are five Ugandan CEOs of the top 10 banks, but perhaps more importantly, the top three banks are all led by Ugandans.

Other than Centenary Bank, the No.2 bank, Stanbic Bank, Uganda’s largest bank is headed by Harvard alumni Patrick Mweheire and dfcu Bank, in the 3rd position is headed by Mathias Katamba.

Just like Kasi, Katamba is also a home-grown CEO, who rose through the ranks and different banks.

Unlike the two other banks, Centenary Bank is also majority Ugandan owned- 70.1%.  The Registered Trustees of 19 Catholic Dioceses in Uganda (38.5%), the Registered Trustees of the Uganda Episcopal Conference (31.3%) and 4 other Ugandan individuals own 0.4%.

ALSO READ: Money men: The 8 gentlemen who control 77% of Uganda’s banking industry https://www.ceo.co.ug/money-men-the-8-gentlemen-who-control-77-of-ugandas-banking-industry/

Prof. John Ddumba Ssentamu, the economist board Chairman of the bank, for now over 10 years, has superintended the bank’s growth.

The remaining shares are owned by SIDI- Solidarite’ Internationale pour le Development et l’Investissement (International Solidarity for Development and Investment) based in France that owns 11.6% and STICHTING HIVOS-TRIODOS FONDS, an investment fund, specializing in investing in microfinance and trade finance, managed by Triodos Investment Management in the Netherlands, owns 18.3%.

From fourth to the second largest bank in Uganda  

During the 9 years of Fabian’s reign the number of customers, has grown by 63.4% from 1,003,295 that he inherited in 2010 to 1,639,602 customers at the end of 2018- a compounded annual growth rate (CAGR) of 5.6%.

The number of branches has also grown from 48 in 2011 to 73 at the end of 2018, backed up by 179 ATMS at 132 locations across the country.

Fabian has also embraced digital banking and has over the last 5 years invested heavily in digital banking with a view to decongest the banking halls and ATMS- which is perhaps one of the bank’s greatest undoings.

Beatrice Lugalambi, the good-natured General Manager, Business Development and Marketing, who arrived at the bank in 2011, a year after Fabian Kasi, is one of the brains behind the bank’s aggressive marketing and brand presence. She has put her nearly two decades of banking, behind some of the industry’s biggest marketing campaigns.

In October 2015, the bank launched its flagship Centemobile banking platform that enables clients to transact and access banking services on their mobile phones, whenever and wherever they are, as long as there is network coverage. The platform by end of 2018, had 701,801 registered customers of which 144,192 were active with 1,268,833 transactions by end of December 2018- accounting for 30.1% of the bank’s transactions.  

The bank also closed 2018 with 2,404 registered banking agents all over the country.

ALSO READ: Earnings of CEOs and Executive Directors of 23 of 24 of Uganda’s banks: https://www.ceo.co.ug/exclusive-earnings-of-ceos-and-executive-directors-of-23-of-24-of-ugandas-banks/

These innovations and an aggressive expansion strategy, has seen customer deposits grow 4 times or 261.8% from UGX630.8 billion in 2010 to UGX2.3 trillion in 2018- an annual compounded growth rate of 16.4%.

Growth in deposits, has facilitated a 261.8% growth in lending from UGX395.8 billion to UGX1.53 trillion in the same period- allowing the bank whose 75% of income is derived from interest income, to grow by 200.4%, from UGX189.1 billion in 2010 to UGX568.2 billion at the end of last year.                                                                                                                Profitability over the 9 years has also grown by nearly four times or 266.1%, from UGX29.4 billion in 2010, to UGX110 billion in 2016, declining minimally to UGX100.1 billion in 2017 and closing 2018 at UGX107.6 billion. Overall, profits have grown by an average 15.5% annually- above the industry average.               

Centenary Bank’s profits have grown by an average 15.5% annually over the 9 years

The bank’s asset base has as a result also grown by nearly 4 times or 292.8%, from UGX807.2 billion in 2010 to UGX3.2 trillion in 2018- an annual CAGR of 16.4%.

This impressive growth, led by an all Ugandan trio- Fabian, together with Simon Kagugube, the Executive Director and Prof. John Ddumba Ssentamu the board chairman for the 9 years, has seen Centenary Bank move from the fourth largest bank by assets- UGX807.2bn and 7.12% market share in 2010 to the second largest bank with UGX3.2 trillion and 11.3% market share at the end of 2018.

To put this into perspective, by end of 2018, Centenary bank was larger than the Ugandan asset base of 11 banks at the bottom of the chain combined i.e. Ecobank, United Bank for Africa, Tropical Bank, Exim Bank (Formerly Imperial), NC Bank, Guaranty Trust Bank, Finance Trust Bank, Bank of India, Commercial Bank of Africa, Cairo International Bank and ABC Capital Bank.

The 11 banks together had UGX2.6 trillion in assets.

The bank’s board of directors. Eight of the eleven board members are Ugandan, breaking the stereotype that Ugandans can’t lead big growth. Centenary Bank is one of the few majority Ugandan owned and led banks.

The bank has also jumped from the fourth biggest deposit taker- UGX630.8bn and 7.82% market share in 2010, to become the second biggest deposit taker, receiving UGX2.28 trillion and 11.7% of industry deposits at the end of 2018.    

At the end of 2018, Centenary, had also grown from being the fifth biggest lender with UGX395.8bn loan book and 7.32% market share in 2010 to become Uganda’s second biggest lender with UGX1.52 trillion lent out, translating into 12% market share.

As a result, the bank has also moved from being the fourth most profitable bank- UGX29.3bn and 10.3% market share in 2010 to the second most profitable bank with UGX107.6 billion or 14.3% of industry profitability.

But who is Fabian Kasi?

Fabian has been a banker almost all of his working life.

He started as a Banking Officer at Bank of Uganda in 1992. After eight years, he briefly worked as a Director of Finance & Administration at Finca Uganda, a global microfinance organisation, before heading out to Rwanda’s Banque Commerciale du Rwanda (BCR) as CFO.

LEFT-RIGHT: Mr Kamal Budhabhatti, Chief Executive Officer, Craft Silicon and Fabian Kasi, at the April 2018 launch of CenteMobile Loans, a self-service opt-in product, that allows customers to borrow up UGX 2 million instantly. The service was developed in partnership with Craft Silicon. Centenary Bank is the leading micro-lender. By the end of 2018, 94,035 customers had accessed CenteMobile Loans.

After just 9 months in Rwanda, he was appointed the Managing Director for Finca a job he held for 8 years and 3 months.

He was appointed Centenary Bank Managing Director in August 2010.

He holds a Bachelor’s degree in Commerce and Accounting from Makerere University, as well as an MBA from the University of New Castle in the UK.

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