More turmoil in banking sector as Equity Bank Uganda MD resigns

There is no end in sight for the upheaval that is cropping up the Ugandan banking sector.

In the latest high-profile development, Anthony Kituuka has resigned as the Managing Director of Equity Bank Uganda, effective 28th November 2024. 

The news follows a series of tumultuous incidents that have shaken the banking sector to its core and raised concerns over the stability and integrity of the financial industry in the country.

Kituuka, who has been at the helm of Equity Bank Uganda since 2022, expressed gratitude for his time with the bank and acknowledged the support of the Board, staff, and stakeholders. 

He expressed in his farewell statement his pride in the bank’s achievements and thanked all involved parties for their support. 

A Troubled Sector: Heists and Bank Exits

Kituuka’s resignation comes on the heels of a series of shocking incidents in Uganda's banking landscape. 

Most notably, earlier this week, the Bank of Uganda was rocked by a massive heist where over UGX 60 billion was reportedly stolen from its accounts and transferred to foreign accounts. 

The theft, which is believed to have involved insiders, is being investigated by top security organs on orders of President Museveni.

Adding to the turmoil, G4S security guards were arrested after a bullion van robbery that saw a staggering UGX 1.4 billion stolen. 

Meanwhile, the banking industry was this same week hit with the news of the withdrawal of Standard Chartered Bank from the Ugandan market,

The oldest commercial bank in the country has begun the process of winding up its operations.