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Michael Mugabi Appointed as Uganda’s Housing Finance Bank MD

Michael Mugabi

Housing Finance Bank (HFB), Uganda has appointed Michael Mugabi as the Acting Managing Director after Mathias Katamba tendered in his resignation letter, hoping to join DFCU Bank early next year.

The announcement was made in a press release by David Geoffrey Opio-Okello, Chairman Board of Directors who disclosed Katamba’s departure saying: “The Board of Directors of Housing Finance Bank has appointed Michael K. Mugabi as the Acting Managing Director effective 25th October 2018. Housing Finance appreciates the services and contributions of the outgoing Managing Director, Mathias Katamba and wish him well in future endeavours.”

However, in a bid to restore investor confidence after Katamba’s departure, Opio-Okello reaffirmed the Board and Management’ commitment to providing efficient, innovative customer-centric financial services to its customers.

Katamba joined HFB in 2014 and now, leaves it as the 12th largest bank in Uganda by assets.

Eagle Online days ago reported of Katamba’s departure which would see him join DFCU Bank as its new MD as the current MD Juma Kisaame plans to exit in December 2018.

Leaked documents showing Kisaame’s bank statements from Bank of Africa that showed he had over USD40 million on in his account, caused commotion within DFCU Bank. That was not also helped by DFCU Bank board which declined to hand the position of MD to William Sekabembe who declined to join Kenya Commercial Bank (KCB) Uganda as Managing Director with the hope that he would replace Kisaame.

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By August 2017, the two largest shareholders in HFB, the Uganda government and NSSF Uganda, had each contributed US$8.2 million in fresh capital to boost the bank’s ability to provide mortgages.

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