DFCU Bank has reportedly finalised the search for Managing Director Juma Kisaame’s replacement with Housing Finance Bank MD Mathias Katamba set to replace him.
The news comes as a shock to DFCU’s Chief of Business & Executive Director William Sekabembe who had been tipped to take the top job at the bank. Sekabembe had in July tendered his resignation at DFCU after having been offered the top job at KCB Bank and was serving his mandatory three months’ notice but he turned around rejected the KCB job citing “personal reasons.”
In the letter where he declined the KCB offer, Sekabembe wrote, “I would like to give my appreciation for the recent Managing Director job offer with KCB Bank Uganda Limited” but “after careful evaluation, l regrettably decline the position.”
“Despite the very encouraging upward mobility described within the organisation, I think it would be in my best interest to stay employed in my current position at DFCU Bank for personal reasons,” he wrote to the KCB head of human resource.
CEO Magazine reported that Sekabembe’s salary has been increased to Shs56m up from Shs38m that he used to earn prior to his “resignation.”
Matooke Republic understands that despite the salary increment, Sekabembe has been passed over for the top job because of his act of resigning at the time the bank “needed him the most”.
Sources say that he was supposed to assume the DFCU top job in 2017, before Kisaame was asked to stay on to oversee the Crane Bank amalgamation into DFCU. Sekabembe was finally set to assume the top seat when Kisaame leaves in December, but some board members were against the idea of entrusting him with the top job because he showed disloyalty in resigning at time the bank was facing several crises emanating from the Crane Bank takeover.
DFCU’s reputation was damaged following news of a liquidity crisis that was exacerbated by major shareholder British Investment firm CDC exiting and Malik Deepak the head of DFCU’s largest shareholders Arise BV also quitting as a DFCU board member. On the heels of this was Sekabembe’s resignation. Although he had a change of mind, some board members were not happy and they can’t entrust him with the top job that has now been handed for Housing Finance boss Katamba.
