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The Bank of Uganda has officially cleared the appointment of Claver Serumaga as Executive Director, Commercial Banking at Equity Bank Uganda, marking a critical step in the bank’s ongoing leadership…
The wave of integrity audits that saw over 1,200 employees sacked in Kenya is now sweeping across Equity Group’s subsidiaries in East Africa, with Uganda the latest to feel the…
After a turbulent 2023 marked by a rare financial loss and significant executive turnover and a cautious 2024, Equity Bank Uganda is reinforcing its leadership bench with the appointment of…
Today, Equity Bank Uganda announced Gift Shoko as its new Managing Director designate. The decision signals a bold step to stabilise the bank after a tumultuous 2024. Shoko, a veteran with over 26 years of banking experience across Southern and Eastern Africa, takes the helm at a time when the bank is grappling with multiple challenges, from digital fraud to a struggling balance sheet. While his appointment has been met with optimism, the road to recovery is fraught with significant hurdles that will test his leadership, innovation, and ability to rebuild trust. A Year of Turmoil Equity Bank Uganda has…
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Equity Bank Uganda, a subsidiary of the Pan-African Equity Group Holdings Plc, has announced the appointment of Gift Shoko as its new Managing Director. This strategic decision, pending regulatory approval, marks a transformative phase for the bank as it aims to expand its footprint and enhance its service delivery across Uganda. With over 26 years of banking experience, Shoko brings a wealth of expertise in commercial, multi-regional banking and leadership. His career has been a tapestry of accomplishments across Southern and Eastern Africa, underscoring his prowess in steering growth and navigating complex financial landscapes. Holding a Bachelor of Business Studies…
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Since Equity Bank Uganda discovered a UGX65 billion (approximately USD 18 million) digital fraud, the bank has been in the eye of the storm, causing a whirlwind of losses, staff exits, and reputation damage. Not only did it slide from profit to loss—from a profit of UGX45.8 billion in 2022 to a loss of UGX18 billion in 2023—but the fraud, coupled with a growing non-performing loans book that more than doubled from UGX90.7 billion in 2022 to UGX191.2 billion in 2023, began to rock the Equity Bank ship in Uganda. Losses aside, the period of instability and necessary purging that…
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On Saturday, November 30th, 2024, Uganda woke up to the news that the ebullient Anthony Kituuka had resigned as Managing Director of Equity Bank in Uganda. The news that Anthony had resigned to “pursue other opportunities outside the organisation” was announced to all bank staff in an impromptu but mandatory online meeting at 11 am on Saturday, October 30th 2024, by Mark Ocitti, the bank’s Board Chairman. Almost simultaneously, a media statement was released, announcing the resignation and thanking Anthony for “his years of service” and “his dedication and trust in the brand”. Despite announcing to staff that Anthony would…
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