Housing Finance Bank has appointed Michael Mugabi as the Acting Managing Director for the commercial bank after Mathias Katamba who held the position of Managing Director resigned.
Katamba has presided over the bank for the last four years.
The appointment of Mugabi as the Acting Managing Director was announced by the Chairperson Board of Housing Finance Bank, David Geoffrey Opiokello in a memo sent to all staff.
“Following the decision by Mr Mathias Katamba to leave the position of Managing Director of Housing Finance Bank with effect from the 24th of October 2018, the Board has appointed Mr Michael Mugabi as the Acting Managing Director with immediate effect,” read part of the memo dated October 25.
Michael Mugabi has been the Executive Director of Operations at the bank and previously the Company Secretary and General Manager of Legal Services and Director at Housing Finance Bank Limited.
Michael, a lawyer by profession specializing in commercial and corporate law is an advocate of the High court of Uganda and other courts of judicature.
He is a fellow of the Chartered Institute of Secretaries and Administrators and a member of several professional bodies.
The Board credited Katamba for turning around the financial performance culture and customer value proposition of the institution.
“The Board of Housing Finance Bank appreciates Mr Katamba’s contribution and wishes him well in his future endeavors,” Opiokello’s memo to staff added.
In the same communication, the Board Chairperson asked employees of the bank to support Mugabi to deliver on the bank’s mandate.
Reasons behind Katamba’s decision to leave the bank are not immediately clear.
Prior to joining Housing Finance Bank, he was the Co-founder and Managing Partner of Progression Capital Africa a US$ 40 million Private Equity Fund based in Mauritius set up to provide capital and technical support to microfinance institutions in Uganda, Kenya, Tanzania, Rwanda and Zambia.
Before that, Katamba was the CEO of Finance Trust, now Finance Trust Bank for 5 years.