Absa taps David Wandera to replace Mumba as interim Managing Director

Kampala, (UG):- Absa Bank Uganda has appointed Mr David Wandera as its interim Managing Director, just days after Mumba Kalifungwa’s departure to join Stanbic Bank as its chief executive.

Wandera brings to Absa a wealthy 20 years of experience in the banking sector and a strong track record in leadership, strategic initiatives, and financial management.

In a statement released on Monday, Absa described Wandera’s deep understanding of treasury and markets management, accounting, and financial risk management, as key for him to exceptionally lead the bank during this transition period.

“We are pleased to announce that David Wandera has been appointed interim Managing Director of Absa Bank Uganda. With over 20 years of banking experience, David brings strong leadership and expertise to guide us through this transition,” the statement by Absa read in part on Monday morning.

“Wandera is a Chartered Accountant (FCCA-UK) and holds a Master’s in International Finance from the University of Leeds. His extensive experience and qualifications assure us that the bank’s leadership remains in capable hands,” it added.

According to the Acting Board Chairperson Absa, Mr George Wesonga Opiyo, “the process of appointing a substantive Managing Director is underway, and we are committed to ensuring a seamless transition while maintaining the exceptional service and operational excellence you expect from us.”

“We look forward to continuing to empower Uganda’s growth under his leadership,”

Mr Wandera has most recently held the positions of executive director and head of markets, in which roles he has reportedly consistently delivered excellent results and built valuable relationships with key stakeholders.

Absa is currently ranked the third largest bank in Uganda by assets and profitability with a loan book worth Shs1.78 trillion, Shs2.9 trillion worth of customer deposits, and a profit after tax of Shs146 billion as of December 2023.