The management of Absa Bank Uganda has officially appointed David Wandera as their new interim Managing Director, replacing Mumba Kalifungwa, who shifted to become the new Chief Executive Officer of Stanbic Bank Uganda. The Monday announcement marked a new beginning under the transitional leadership of the bank by Wandera himself.

A Leader with Over 20 Years of Banking Expertise

David Wandera brings with him over twenty years of experience in the banking industry. He is reported to be an astute leader, a great strategist, and well-versed in the management of finances and is thus ready to lead the bank through this transition.

Wandera’s areas of expertise include treasury and markets management, accounting, and financial risk management. He has enjoyed a very successful career, with his last two appointments being Executive Director and Head of Markets at Absa Bank Uganda. He has achieved excellent results in these positions, coupled with the development of strong relationships with key stakeholders.

Wandera is not only a seasoned banker but also an accomplished academic. He holds a Master’s degree in International Finance from the University of Leeds and is a Chartered Accountant, FCCA-UK. His qualifications and extensive experience make him an excellent fit to lead the bank during this interim period.

A Strong Institution Under Trusted Leadership

Absa Bank Uganda Limited is one of the largest banks in the country by both assets and profitability. This bank reported the following highlights as of December 2023:

• A loan book worth UGX 1.78 trillion
• Customer deposits totaling UGX 2.9 trillion
• Profit after tax of UGX 146 billion

These numbers depict Absa’s strong positioning within the Ugandan banking space and remind one of the need to ensure smooth leadership transition.

Smooth Transition at the Helm

The acting Board Chairperson of Absa Bank Uganda, George Wesonga Opiyo, has comforted the shareholders that the bank is committed to ensuring a seamless transition: “The process of appointing a substantive Managing Director is underway, and the bank will ensure there is a smooth handover to new leadership,” assured Opiyo.

While the search for a permanent Managing Director continues, stakeholders can remain confident in Wandera’s ability to steer the bank forward. His extensive experience and understanding of the industry are expected to maintain the momentum and stability Absa Bank Uganda is known for.

What Lies Ahead

Wandera’s appointment has come at a very critical time in the bank. His leadership not only ensures continuity but repositions the institution for future success. With his strong track record and commitment to excellence, Absa Bank Uganda continues to serve its customers effectively and stakeholders alike.

This marks a major transition for the bank and epitomizes the commitment the bank has in terms of standards of leadership. While the bank moves through the process of naming a permanent Managing Director, its operations are being overseen by Wandera with very able hands.

Building on Success

All looks bright with Absa Bank Uganda’s robust performance, combined with Wandera’s incomparable qualifications. The stakeholders and customers can only expect stability and growth of the bank in light of this change in leadership.

The banking sector, and indeed the nation, will be looking forward with great interest to the delivery of Wandera on this pivotal role as reinforcement that Absa is a trusted, resilient financial institution.