Barclays Bank appoints Nazim to replace Jha

Thursday July 18 2019

Outgoing Barclays Bank managing director Rakesh

Outgoing Barclays Bank managing director Rakesh Jha.  


Barclays Bank has appointed Mr Mian Nazim Mahmood in acting capacity to replace Mr Rakesh Jha, who will leave after five years.
However, the bank said it will announce a substantive managing director in due course.
In a press statement, Barclays said Mr Jha, who has been at the forefront of a number of innovations will be leaving the bank on personal grounds.
Mr Swithin Munyantwali, the Barclays Bank chairman, said Mr Jha has been instrumental in enhancing the bank’s innovations such as the Internet banking platform, which has seen customers transfer money in real time through mobile wallets.
“The board recognises the considerable value [Mr Jha] has added to Barclays Bank over the past five years. He has worked tirelessly to improve the value of the bank, and we greatly appreciate his efforts,” he said, noting that in the five years that he has been at the helm, Barclays’ profitability has improved steadily.
Barclays is in the process of transitioning to Absa after the UK based Barclays Bank Plc disposed its majority stake in Barclays Bank Africa.
The process, which started about two years ago, is expected to be completed in at least 2020.
Mr Jha said the five years he had served Barclays have been more than sufficient to put a brick on the bank’s growth, noting that leaving had been a personal decision.
“I am proud of all the achievements we have made. More so, increased focus on understanding customers’ needs,” he said
Mr Jha has also served as the Uganda Bankers Association vice chairman, where he has played a pivotal role in enhancing agency banking, a new innovation that is expected to enhance fortunes in the banking sector.