By our reporter

Information reaching us indicates that William Sekabembe who has been DFCU Bank’s Chief of Business and Executive Director has thrown in the towel.

According to our trusted sources, Sekabembe has already handed in his resignation letter to his bosses and he will join KCB Bank Uganda as a Managing Director.

“William Sekabembe should be going to KCB Bank Uganda for a Managing Director role that has been advertised for some time. He was competing with Bernard Magulu, the Executive Director of Bank of Africa for the final slot,” said the source.

He was supposed to take over from Juma Kisaame early 2017, but Kisaame whose contract was due to expire then, was given more time, to manage the Crane Bank-DFCU merger, after which Sekabembe would then fully assume the top job.

Sekabembe will be replaced by Andrew Kabeera, the current Chief Operating Officer. Kabeera joined DFCU in May 2018 from Standard Chartered Bank Uganda, where he worked as Head Corporate and Institutional Banking and Commercial Banking Operations.

Meanwhile, DFCU woes have continued to accelerate ever since it took over Crane Bank in January last year.

Recently, the bank’s second largest shareholder CDC wrote a confidential letter to Board Chairman Elly Karuhanga announcing its desire to exit the now messy and turbulent Uganda Banking economy which is faced with a low value shilling, increase on excise duty from 10-15%, taxes on mobile money and poor savings.

On Tuesday, while addressing a crisis media briefing at Kampala Associated Advocates Offices in Kampala,Karuhanga and General Manager George Ochom revealed that DFCU had no cash necessary for lending, paying its customers and that clients applying for loans are getting less than what they apply for.

“Liquidity is very critical in any bank. Really it is critical in the interbank market because you know there are always payments that go for daily basis so in normal cause of banking business there is a lot of movements of funds,” said Ochom.

He further revealed that banks had to maintain certain liquidity ratios in order to be able to pay out their customers.