Equity Bank Records: Board of Directors Name Antony Kituuka the New MD as Samuel Kirubi Finally Bows Out

Kampala, Uganda 21st November 2022: Equity Bank Uganda Limited has announced the appointment of Anthony Kituuka as the new Managing Director with immediate effect, a press release signed off by the Communications Manager Department head Barbara Among, reads.

Prior to his appointment Kituuka served as the Executive Director Equity Bank Uganda Limited from 2016. He previously served as the Executive Director for Regional Subsidiaries from 2014 to 2016. He is a career banker with over fifteen years of experience. Kituuka holds an MBA in Oil and Gas from Middlesex University, London and a Bachelor’s Degree in Statistics and Applied Economics from Makerere University.

He is a Fellow of the Association of Chartered Certified Accountants Certificate (FCCA) and has completed an Advanced Management Program from Strathmore, Lagos and IESE (Spain) Business Schools as well as several other executive leadership programs at Gordon Institute of Business and INSEAD.

The announcement, which was made by the Board of Directors this morning (November 21^st 2022), follows the promotion of Samuel Kirubi who was the Managing Director to the position of Group Chief Operating Officer at the Equity Group Holdings Plc, the press release reads.

Welcoming Kituuka in his new office, Mark Ocitti, the Chairman Equity Bank Uganda said; “We are happy to announce the appointment of Anthony Kituuka as the new Managing Director of Equity Bank Uganda with immediate effect, subject to Bank of Uganda approval. We are confident that Anthony will build on his institutional knowledge and the work together with his immediate predecessor and Equity Uganda staff to push Equity Uganda to the next level of growth.”

Ocitti further affirmed thus; “We are confident that his (Kituuka) experience in banking and the corporate world will enable him to lead the bank to scale and serve more people in pursuit of our purpose of transforming lives, giving dignity, and expanding opportunities for wealth creation. On behalf of the Board, we thank Samuel Kirubi for his leadership that saw Equity Bank Uganda turnaround and grew to be the 6^th largest bank in deposits and assets and move from position 16 to the 5^th most profitable bank in Uganda in a record seven years.”

Ready to Serve: New MD Anthony Kituuka (Courtesy Photo)

On behalf of the colleagues, Ocitti said the Board congratulates Anthony Kituuka on his appointment and conveys thanks to Samuel Kirubi for his “exemplary service” and wishes him all the best as he takes a more expanded role at the Group. Away from the press release, we are reliably informed that via the same changes, the Board also elevated Dorothy Asiimwe Kezia, the Head of Finance to replace Kituuka as the new ED.

The Press Release:

About Equity Bank Uganda

Equity Bank Uganda began its operations in 2008 and is regulated by Bank of Uganda. The Bank has its Head Office in Kampala and a network of 47 branches, 7,248 Equiduuka agents, 8,021 merchants and 52 ATMs spread across the country and serving over 1.7 million customers. Equity Bank Uganda is a subsidiary of Equity Group Holdings Plc, a financial services company listed at the Nairobi Securities Exchange, Uganda Securities Exchange, and Rwanda Stock Exchange.

In addition to Equity Bank Uganda, the Group has banking subsidiaries in, Kenya, Rwanda, Tanzania, DRC, South Sudan and a Commercial Representative Office in Ethiopia; with additional non-banking subsidiaries engaged in the provision of investment banking, custodial, insurance agency, philanthropy, consulting, and infrastructure services.

Equity Group is the largest bank in the region in assets of Kshs1.35 trillion (USD 13.5 billion). It is also the biggest bank in deposits, market capitalization of USD 2 billion and with a customer base of over 17.8 million customers. The Group has a footprint of 342 branches, 61,061 Agents, 36,133 Merchants, 695 ATMs and an extensive adoption of digital banking channel.

The Banker Top 1000 World Banks 2021 index ranked Equity Bank 22nd in Africa and 761 overall in its global ranking, 149th in soundness (Capital Assets to Assets ratio), 71st in terms of Profits on Capital and 39th on Return on Assets. Brand Finance 2022 ranked Equity Group the 5th strongest banking brand in the world and 338 overall among the top 500 banking brands, with a Brand Strength Index (BSI) of 90.8 and a brand ranking score of AAA+, the highest rating that a brand can attain.

The Banker’s Top 100 African Banks 2020 placed the Bank in position 7 overall among the top 10 Banks in Africa, 5th place on soundness, position 9 on growth performance, 8th on return on risk and position 6th in terms of profitability and on leverage category. In the same year, Moody’s gave the Bank a global rating of B2 with a negative outlook, the same as the sovereign rating of the Kenyan Government due to the Bank’s strong brand recognition, solid liquidity buffers, resilient funding profile, established domestic franchise and extensive adoption of digital and alternative distribution channels.

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Stanley Ndawula: Stanley Ndawula is a two and a half decades’ seasoned investigative journalist with a knack for serious crimes investigations and reporting. He’s the Founding Editorial Director and CEO at The Investigator Publications (U) Limited