By Mubiru Ivan

Housing Finance Bank has appointed, in acting capacity, Mr Michael K Mugabi as Managing Director.

Mugabi’s appointment followed a decision by Mr Mathias Katamba to quit as the financial institution’s Managing Director on Wednesday, October 24.

“Following the decision by Mr. Mathias Katamba to leave the position of Managing Director at Housing Finance Bank with effect from 24th of October, 2018, the board has appointed Mr. Michael K. Mugabi as the Acting Managing Director with immediate effect,”  a notice dated October 25, 2018 to all staff, reads in part

“Mr. Katamba joined Housing Finance Bank in March 2014 and served as Managing Director. During his tenure at the bank, he has with your support, considerably improved and turned around the financial performance, culture and customer value proposition of the institution,” notice further stated.

Micheal Mugabi

The bank’s board also urged employees to support Mr. Mugabi so that he could deliver basing on the bank’s mandate.

Prior, Mugabi served as Housing Finance Bank Executive Director of Operations and also served as a Company Secretary, General Manager of Legal Services and Director.

Mugabi’s appointment comes hot on the heels of Katamba’s recent rumoured move to struggling dfcu Bank.

According to our sources, Katamba could take over the helm of dfcu, after Juma Kissame’s tenure expires in December this year.

Early this month, the dfcu bank started a search for the next MD after the current boss Kisaame revealed that he was not going to renew his contract.