Diamond Trust Bank Uganda Limited (DTBU) is undergoing a significant change in leadership, causing anxiety among its staff. The appointment of Godfrey Sebaana as the new Chief Executive Officer and Managing Director has raised concerns about the future direction of the bank.
Insiders within the bank have expressed worries about a potential mass departure of staff following Sebaana’s appointment. Many employees are uncertain about their future roles within the organization and fear they may lose their jobs.
Some staff members are considering leaving the bank voluntarily due to the uncertainty surrounding the leadership transition.
Sebaana takes over from Varghese Thambi, who served as the bank’s CEO for 16 years. During Thambi’s tenure, a group of loyal staff members developed, and he was known to shield them from scrutiny. Now, with a new leader at the helm, there are concerns that these staff members may no longer receive protection.
Thambi’s departure comes amidst challenges within the bank, including strained relationships with borrowers, leading to decreased confidence among customers and depositors.
Sources suggest that Thambi’s departure was indirectly linked to issues within the bank, with shareholders holding him responsible for the bank’s difficulties in maintaining profitability and addressing internal issues.
The Board of Directors of DTBU has officially appointed Godfrey Sebaana, a seasoned banker with over twenty years of experience, as the new CEO and Managing Director, effective April 2nd, 2024.
Azim Kassam, the Chairman of DTBU’s Board, expressed optimism about Sebaana’s appointment, emphasizing the bank’s commitment to building on Thambi’s legacy and accelerating its growth trajectory.
Sebaana brings a wealth of experience from his previous roles, including his position as Executive Director and Head of Corporate, Commercial, and Institutional Banking at Standard Chartered Bank Uganda.
Kassam highlighted Sebaana’s qualifications and expertise, expressing confidence in his ability to lead the bank during its ambitious growth strategy.
The Board also expressed gratitude to Thambi for his contributions to DTBU’s growth and success over the past 17 years. Under Thambi’s leadership, the bank expanded from a single branch to 37 branches across Uganda, with a significant increase in staff.
