Uganda’s Central Bank approves Anthony Kituuka for Equity Bank Managing Director job

Bank of Uganda, the regulator of Uganda banking financial services has given its approval to Anthony Kituuka, 47, to be appointed the Managing Director, of Equity Bank Uganda, our sources say.

“The much-expected approval came through late December 2022,” the impeccable source told this reporter on phone.

Kituuka was on 21st November 2022 appointed Managing Director by the Board.  But according to the Financial Institutions Act, all directors and senior positions within regulated financial institutions have to undergo a fit and proper test by the Central Bank.  

An aggressively passionate and hands-on banker, Kituuka has been the Executive Director, at the bank since April 2016. 

In that role, he has effectively been the bank’s No.2 and a core part of the bank’s leadership team. He has also been sitting on the bank’s board. 

Kituuka, worked closely with Samuel Kirubi, the outgoing Managing Director, who joined the bank in mid-2016, to transform Equity Bank’s route-to-market and in the process, make significant market share wins across all major business fundamentals.  

During the time Kituuka was Executive Director, the bank’s deposits grew 4.8 times- a compounded annual growth rate (CAGR) of 29.7%, from UGX480.4 billion in 2016 to UGX2.29 trillion at the end of 2021. Lending has grown by 4.8 times, at a CAGR of 30.1% from UGX319 billion to UGX1.54 trillion. Assets grew 4.4 times at a CAGR of 27.9% from UGX642.8 billion to UGX2.82 trillion. Profitability too grew phenomenally; by 5.1 times, from UGX17 billion to UGX86 billion at the end of 2016.

As of the end of December 2021, the duo also moved Equity Bank from the ninth-largest by deposits to the fifth; ninth-largest by lending to the third-largest; 12th-largest by assets to the 6th-largest, and 10th-largest by profits to the 5th most profitable bank.  

Out of the 26 banks in Uganda in 2021, Equity Bank had 8.1% of the industry share of deposits; 9% of lending, 6.8% of assets and 8% of industry profitability.   

Due to his top performance across his career, Kituuka twice made it twice to The CEO East Africa Magazine’s CEO-in-waiting lists, the first, in March 2015 and the second time, in July 2020.   

Before becoming the Executive Director at Equity Bank Uganda, he was the Executive Director, Regional Subsidiaries at the Equity Group, between October 2014 to March 2016. In that role, he worked under the Group CEO and Director of Corporate Strategy to support the Group’s regional growth and expansion strategy for existing and new markets. 

Kituuka’s 15-year banking career also includes working at Kenya Commercial Bank where he was the Head of Global Banking, based in Nairobi, between February 2014 and October 2014 as well as Head of Corporate Banking at KCB Bank Uganda between October 2008 and February 2014.

He also worked at Barclays Bank of Uganda (now Absa Bank Uganda) as the Head of Business Banking, Commercial Division, between March 2007 and August 2008.

Before joining the banking industry, he worked for the LafargeHolcim-owned Hima Cement in Uganda, as a Sales Manager (November 2003 and June 2006) as well as Business/Commercial Controller from March 2002 to October 2003.

He also played various audit roles at Deloitte & Touche, between 1998 and February 2002. 

Kituuka, holds an MBA (Oil & Gas) from Middlesex University, Business School and a Bachelor’s Degree in Statistics & Applied Economics from Makerere University, Kampala.

He is an FCCA Fellow and a Member, of Professional Accountants of the Association of Certified Chartered Accountants.  He is also a member of the League of East African Directors, as well as the AIESEC Uganda, Chairman, Board of Advisors. He too is a Member of, Board of Directors, The Innovation Village and a tutor at the Strathmore University Business School (SBS).

He has among many other programmes, attended the Harvard Business School’s  Board of Directors Program on Governance, Strategy and Leadership as well as the Harvard Manage Mentor. He also completed the Strathmore Business School’s Advanced Management Program; Senior Management Leadership Development Program and The Effective Director Program.

Kituuka has also completed the Executive Management Development Programs at INSEAD, Paris, France and the Gordon Institute of Business Science, University of Pretoria, South Africa.

He also attended the Financial Euromoney Training EMEA on Strategic Asset, Liability Management and Capital as well as on Energy Project Finance: Oil, Gas and Power. He also attended the IFC Trade Operations Training in Kampala, a global trade finance programme to refresh senior bank executives on the latest best practices in trade finance and its related operations.  

The Right Man For The Job 

In several interviews with CEO East Africa Magazine, several business leaders warmed up to Anthony’s appointment, describing him as an experienced seasoned banker”; an “even-tempered gentleman”; “skilled, trusted and with strong integrity”; “humble giant with enormous grit” and the “right man for the job.”  

Judy Rugasira, the Managing Director at Knight Frank Uganda, Uganda’s leading property advisory firm since 2000, said Anthony was“personable, with excellent people management skills, and a true leader”. 

“He is an experienced and seasoned banker who has risen through the ranks as a result of his hard work, consciousness and high professional and ethical standards. Anthony is a sober-minded, even-tempered gentleman, who is always slow to speak, but a keen listener,” she added. 

Dennis Kahindi, the Chief Executive Officer at Liquid Intelligent Technologies, said that he has known Anthony in various professional and executive leadership circles and that in all ways his appointment was deserving.  

 “I have watched him grow through the ranks at Equity Bank, to now Managing Director. He is a humble giant with enormous grit and the courage to take on risks. He is no doubt the right man for the job, if nowhere else, at Equity Bank at this time,” Dennis said, in an interview with CEO East Africa Magazine. 

Allan Joshua Mwesigwa, the Director of Strategy & Corporate Affairs at Uganda Development Bank Limited, couldn’t agree more. 

“I have every confidence that he is the right man for the job. He knows the banking business quite intimately, having served in various senior roles locally and regionally. He is an astute professional and has always had a passion for growing his people,” Allan remarked. 

Robert Waweru, the; Managing Director of Saladin Media Advertising Limited, one of Uganda’s leading advertising media management firms said, “Anthony has worked hard and smart and the promotion is well deserved”. 

“The increasing number of Ugandans taking up leadership roles in the banking industry and big multinationals is a strong testament to the capacity the Ugandan labour force has built and continues to build. Such positions require strong skills, integrity, and trust, which individuals like Anthony have demonstrated in their careers thus far,” Robert added.