Anthony Kituuka Resigns as Managing Director of Equity Bank Uganda

*By John Kusolo*

Equity Bank Uganda Limited (EBUL) has announced the resignation of its Managing Director, Mr. Anthony Kituuka.

The resignation, effective November 28, 2024, has been accepted by the Board of Directors. Mr. Kituuka will serve a notice period to allow the bank adequate time to appoint his successor.

Mr. Kituuka has been an integral part of Equity Bank for nearly a decade, having joined the institution in 2014. Before taking up the role of Managing Director in November 2022, he served as the Executive Director for six years, starting in 2016. His leadership during his tenure contributed significantly to the bank's growth and solidified its reputation in Uganda's banking sector.

Equity Bank Uganda currently boasts a customer base of 2.2 million, deposits nearing UGX 3 trillion, a loan book of approximately UGX 1.7 trillion, and a balance sheet valued at nearly UGX 3.5 trillion. With over 50 branches and close to 9,000 Equi-duuka agents, the bank is recognized as a top-five financial institution in Uganda and a Domestic Systemically Important Bank. It has consistently demonstrated strong performance across various banking metrics, earning industry-wide respect.

In his resignation statement, Mr. Kituuka expressed gratitude for his time at Equity Bank, saying:

"I am proud of the time that I have served in Equity. I want to thank the Board for their leadership, the staff, and all our stakeholders for their support and wish them well as they purpose to be more significant and impact more lives in line with the Africa Recovery and Resilience Plan, which targets to impact 100 million customers by the year 2030."

The Board of Directors, represented by Chairman Mark Ocitti, extended their appreciation for Mr. Kituuka's years of dedicated service.

"We are grateful to Mr. Kituuka for his dedication and trust in the brand," said Mr. Ocitti, commending his contributions to the bank's achievements.

Equity Bank Uganda is a subsidiary of Equity Group Holdings Plc, a Pan-African financial services conglomerate headquartered in Nairobi, Kenya. The Group is listed on the Nairobi Securities Exchange, the Uganda Securities Exchange, and the Rwanda Stock Exchange. Equity Group operates in seven countries, including Uganda, and oversees subsidiaries in banking, investment banking, insurance, telecommunications, and social impact investments.

Equity Group is recognized as one of the continent's largest financial institutions, with a market capitalization of USD 1.4 billion and an asset base of USD 14 billion. It serves 22 million customers across 397 branches, supported by 82,936 agents, 1.1 million Pay with Equity (PWE) merchants, and 44,794 point-of-sale devices. The Group's innovative digital banking platforms and solid financial positioning have earned it global accolades. Notably, Brand Finance ranked it the Second Strongest Financial Brand on Earth in 2024, while Brand Africa recognized it as the Strongest Financial Brand in Africa and the most valuable brand in the region.

As Mr. Kituuka transitions to new opportunities, his leadership legacy at Equity Bank Uganda will remain significant, marked by substantial growth and impact on the banking sector. The bank's Board, management, and staff have wished him the best in his future endeavors.