July 18, 2024

DTB Uganda Bids Farewell to MD Varghese Thambi

DTB Uganda Bids Farewell to MD Varghese Thambi

Diamond Trust Bank Uganda has bid farewell to Varghese Thambi, its former Managing Director, concluding his 17-year tenure with the institution. In the farewell event held on May 21st, the Deputy Governor of the Bank of Uganda, Michael Atingi-Ego, praised Thambi’s exceptional leadership, highlighting Thambi’s ability to navigate DTB Uganda through turbulent economic periods, including the global financial crisis and the COVID-19 pandemic.

“Under his leadership, DTB achieved remarkable growth, expanding its branch network from three branches to 37 nationwide,” Atingi-Ego stated. “The bank opened three cash collection centers, 56 ATMs, 22 deposit collection machines, and a network of 939 bank agents.” He further emphasized that despite formidable challenges, Thambi’s leadership resulted in substantial growth in the bank’s financial standing.

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Thambi’s leadership has been instrumental in shaping DTB Uganda into the successful financial institution it is today. Joining DTB in 2007, Thambi inherited a bank with just three branches. Through strategic expansion and innovation, he oversaw the establishment of a nationwide network of 37 branches. This growth was complemented by the introduction of cutting-edge digital and remittance solutions, enhancing customer convenience and accessibility to banking services.

Thambi’s leadership extended beyond financial metrics. He prioritized fostering a strong community banking presence and actively built partnerships with various stakeholders. These efforts played a crucial role in solidifying DTB Uganda’s position as a key player in the Ugandan banking landscape. In his farewell address, Thambi expressed his sincere gratitude to the DTB Uganda Board, staff, and regulatory authorities for their unwavering support throughout his tenure.

Thambi’s legacy extends beyond financial achievements. His leadership oversaw a significant increase in the bank’s workforce, growing from just 60 employees to over 680. Remarkably, 99% of the staff are Ugandan nationals, showcasing DTB Uganda’s commitment to empowering the local workforce. Furthermore, the bank boasts a progressive gender composition with women comprising a significant 56% of the workforce.

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Varghese Thambi’s 17 years at DTB Uganda were marked by remarkable growth, innovation, and a dedication to building a strong and inclusive financial institution. His leadership has undoubtedly left a lasting impact on the bank’s foundation, positioning it for continued success in the years to come.

Throughout his tenure, Thambi collaborated with over 100 CEOs, three Directors of Commercial Banking at the Bank of Uganda, two Executive Directors of Supervision, three Deputy Governors, one substantive Governor, and three Chairpersons of the DTB Uganda Board.

The farewell ceremony also marked the introduction of Godfrey Sebaana as dtb uganda new ceo and managing director. Sebaana expressed his deep appreciation to Thambi for his mentorship and pledged to continue the bank’s upward trajectory.

He outlined his vision for DTB Uganda’s future, emphasizing the bank’s commitment to expanding its reach not only within Uganda but also across the East African Community (EAC) region. Sebaana’s plan includes the introduction of innovative products specifically designed to cater to traders, manufacturers, and the evolving needs of DTB’s diverse customer base.