From Kampala Road to Wall Street: Equity Bank’s Anthony Kituuka parachutes into greener pastures

December 2, 2024 in Business, Companies, Finance, Financial Services by Editor

Anthony Kituuka, the managing director of regional lender Equity Bank’s Ugandan unit, resigned  from his  position November 28, to take up opportunities in international finance, industry sources said.

Kituuka’s surprise resignation was announced November 30, with the Equity Bank Uganda Limited (EBUL) board saying it accepted it and that Mr. Kituuka would serve a notice period that ends on February 28,2025.

Kituuka’s move, which comes after a two-year stint at the helm of EBUL, caps a decade long career at the lender where he served in various roles including head of operations and executive director form 2016, the position from which he rose to be managing director.

Despite a tumultuous period during which the industry became the poster-child of  cyber-fraud in Uganda Kituuka marshalled a multi-stakeholder response that saw banking, telecoms, the media and the regulator run a public awareness campaign that has registered a significant reduction in the number of incidents originating from customer laxity with their credentials.

He leaves EBUL with a current customer base of 2.2 million, close to UGX 3 trillion in customer deposits, a loan book close to UGX 1.7 trillion and a balance sheet of nearly UGX 3.5 trillion. The lender is also the industry leader in agency banking with nearly 9000 Equi-duuka and a brick and mortar network of  50 branches. It is among the top 5 banks in the country and a designated  Domestic Systemically Important Bank.
“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,” Kituuka said.
Board chair Mark Ocitti , thanked Kituuka for “his dedication and trust in the brand,” adding “we wish Mr. Kituuka all the best as he transitions from his current role and embarks on new opportunities.”

256BN has been told that Kituuka is headed for Wall Street, although, EBUL declined to comment on the reports.