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22% surge in customer deposits propels growth in customer lending and investments; creating a UGX3.4 trillion asset base, allowing Absa to overtake Standard Chartered Bank and dfcu Bank to become Uganda’s third largest commercial bank, after Stanbic and Centenary Bank.
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Absa Group Limited has today announced the appointment of Mr Mumba Kalifungwa as Managing Director for Absa Bank Uganda effective 1 April 2020, confirming a story, CEO East Africa early this month broke about his appointment. He succeeds Mr Nazim Mahmood, who has held the position on an interim basis since July 2019, leading the organisation through a historic brand transition to Absa. He will work closely with Mr Kalifungwa over the coming weeks to ensure a smooth transition. Mr. Kalifungwa has held various positions within the Group, most recently he served as Chief Financial Officer for Absa Bank…
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Absa Group has tapped Mumba Kenneth Kalifungwa the former Executive Director, Finance at Absa Botswana, as its Managing Director, for Uganda, CEO East Africa has learnt. Mumba, replaces Mr. Nazim Mahmood who has been heading the bank since June 2019. According to our sources- Nazim leaves the country this month. CEO East Africa understands that Nazim was here on a short contract to manage the rebranding process as Absa searched for a substantive replacement for Rakesh Jha whose contract ended mid-2019. Several sources we talked to at Absa declined to comment. We reached out to Mumba on his LinkedIn inbox,…
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