Anthony Kituuka resigned from his position as Equity Bank Uganda MD after two years. PHOTO/FILE
Mr Anthony Kituuka has drawn the curtain on a 15-year banking career largely at Equity Bank Uganda where he served as managing director for two years.
Mr Kituuka, who replaced Mr Samuel Kirubi in November 2022, confirmed that he had “willingly resigned” and would stay in the position until March 1, 2025.
“Yes, I am leaving. I am going to serve Equity for the next three months. And then leave for better opportunities,” he told this publication on Saturday without divulging details.
Sources at the bank have, however, revealed that Mr Kituuka’s “better opportunities” involve a job in the United States.
“He is joining JPMorgan Chase & Co as the Vice President Africa Wealth Management,” a source holding a senior position at the bank said, describing Mr Kituuka’s new role as “much bigger”.
JPMorgan Chase & Company is an American multinational financial services firm headquartered in New York City and incorporated in Delaware.
It is the largest bank in the United States and the world's largest bank by market capitalisation as of 2023.
The firm is headquartered in Midtown Manhattan and is set to move into the under-construction JPMorgan Chase Building in 2025.
When asked about this information, the bank’s spokesperson, Ms Barbara Among, said: “Kindly work with what we have in the press release.”
Earlier, the bank released a statement announcing the resignation of Mr Kituuka effective November 28.
“The resignation has been accepted by the Board of Directors, and Mr Kituuka will serve a notice period to allow the Board adequate time to hire his successor.
The statement further quoted Mr Kituuka as being proud of the time he has served at Equity Bank Uganda, while Mr Mark Ocitti, on behalf of the Board of Directors, management, and staff of Equity Bank Uganda, thanked Mr Kituuka for his years of service.
“We are grateful to Mr Kituuka for his dedication and trust in the brand, and wish him all the best as he transitions from his current role and embarks on new opportunities,” the statement quotes Mr Ocitti.
Ms Among said Mr Kituuka will help with identify his successor for a smooth transition.
However, this “smooth transition”, another source at the bank says, will see the director of operations or commercial replace Mr Kituuka, although the prerogative entirely lies with the board chairperson.
“Just know one of those guys will replace Mr Kituuka; one is South African, and the other Kenyan.”
Ms Among, however, says Mr Kituuka’s departure will not affect how customers are served, adding that the financial institution will continue to run as usual, and their customers continue to be their priority.
Before his appointment as managing director, Mr Kituuka had served the bank as executive director from 2016 and (Equity) Group executive director for regional subsidiaries from 2014 to 2016.
He is a career banker with more than 15 years of experience and holds a Bachelor’s Degree in Statistics and Applied Economics from Makerere University, an MBA in Oil and Gas from Middlesex University, London, and is a Fellow of the Association of Chartered Certified Accountants Certificate.
Equity Bank Uganda is 100-percent owned subsidiary of Equity Group Holdings Plc, a Pan African financial services holding public company listed at the Nairobi Securities Exchange, Uganda Securities Exchange, and Rwanda Stock Exchange.
The Group has other banking subsidiaries in DRC, Rwanda, Tanzania, South Sudan, and Kenya and a Commercial Representative Office in Ethiopia.
In Uganda, Equity is a top five bank, having moved last year from fifth to fourth largest bank by assets; and third and fourth largest (bank) by deposits and total income respectively, although it registered the largest industry loss of Shs18.8 Billion due to a Shs191.2 Billion provision for bad and doubtful debts.
Mr Kituuka exits the financial institution with a current customer base of 2.2 million, customer deposits of nearly Shs3 trillion, a loan book close to Shs1.7 trillion, and a balance sheet of nearly Shs3.5 trillion.
