DFCU Bank top executive resigns, poised to take over management of rival

William Sekabembe

Resignations and shareholder exits continue to damaged DFCU Bank, with the current magnate to hand in his resignation letter being William Sekabembe, who has been the Chief Service & & Executive Director since 2016.

Sources state Sekabembe tendered in his resignation letter some time back though he is awaiting the 3 month notification to end prior to can formally move on. This was agreed as he signed his contract with employers.Sekabembe, according

to some sources could be visiting Kenya Commercial Bank(KCB) as Managing Director, although other sources say he missed out on the opportunity in 2017 to change Juma Kisaame, the existing distressed Handling Director of DFCU Bank.Kisaame’s contract was prepared to end in 2017, however he was

given more time, to align Crane Bank to DFCU operations. Sekabembe would then totally presume the leading task but newest advancements at DFCU Bank seem to have pressed Sekabembe away.Sekabembe is said to have actually disagreed with DFCU’s purchase of Crane Bank, something that did not complement other

top managers who were in favour of the now controversial transaction that has actually ended in law courts, following a match filed by previous investors of Crane Bank.The last couple of weeks have seen Britain’s Commonwealth Advancement Corporation(CDC) Group Plc, the bank’s 2nd majority investor seeking for purchasers of its shares in DFCU Bank. Deepak Malik, the CEO of Arise B.V; DFCU’S bulk shareholder with about 58 percent also resigned from the board without offering clear factors personally.However, DFCU says Malik picked to resign from the board, having been appointed CEO Arise B.V. and that the resignation remains in satisfaction of the regulative requirement that HALF of members of

the board be homeowners in Uganda. The bank says rumours in the media are unfounded, and that the public should overlook them.An expert in DFCU states the battle for revenues and the questionable acquisition of Crane Bank are some of the reasons for the crisis at the bank. This site was told that some huge investors are not sleeping over the match submitted by Crane bank investors who took legal action against Bank of Uganda and DFCU.Despite Elly Karuhanga, the board chairman explaining the changes at DFCU Bank as regular, market experts state truths readily available paint a various image -a bad one.Insiders say DFCU Bank has no enough liquidity to provide to its clients. A source stated just recently managers requested BOU to provide them some low-cost cash for this organisation but Bank of Uganda turned them down, rather advising them to borrow from other industrial banks. Analysts state that occurs when the main bank is not able to provide to a commercial.Sekabembe holds an MA, Economic Policy and Planning(2002-2004)from Makerere University. He began working at Requirement Chartered Bank in 1999 as an Individual Lender. In July 2001, he signed up with Barclays Bank Uganda as an Eminence Lender where he increased through the ranks in nine years to become Head SME Banking in October 2008 and after that was promoted to Head of Branch Distribution in December 2009. In Might 2010, he joined to Stanbic Bank Uganda as Head of Products. He signed up with DFCU Bank as Head Customer Banking in May 2012. He became the Head, Corporate Banking prior to being promoted to Chief of Company & Executive Director in October 2016. Sources say Sekabembe is most likely to be changed by Andrew Kabeera, the current Chief Operating Officer. Kabeera signed up with DFCU

in May 2018 from Requirement Chartered Bank Uganda. He was Head Corporate and Institutional Banking and Commercial Banking Operations.