Cairo Bank is in safe hands - Nakibinge

Prince Kassim Nakibinge Kakungulu has taken the helm of Cairo International Bank as the new managing director of the Bank.

Nakibinge, the former Managing Director of Libya's Kampala based Tropical Bank Limited has been appointed as the Managing Director of Cairo International Bank  (CIB) on a two year contract  effective February 1, 2016.

"I have had to come out of retirement, after I was convinced by the Board of Cairo Bank to take over as the managing director of the bank. I want to assure Ugandans and most especially our esteemed customers that CIB is in the right hands", Nakibinge said in an exclusive interview with the New Vision.

"The bank is well liquidated, with a capital base of over sh100bn, the owners of the bank have assured me they will continue to capitalize the bank because their goal is to dominate the Ugandan market" he said.

His immediate task, Nakibinge said is to ensure that CIB becomes the people's preferred bank through offering superior customer care and excellent relationship management while maintaining banking principles for performance and sustainability of business.

"We shall endeavor to uplift the bank's capacity to increase lending and focus on retail business which is a very important sector for lending and to abide by the bank's policy in regard to core commercial banking business. 

We're regulated by the Central Bank of Uganda and we are running the CIB in accordance with the rules and regulation of Bank of Uganda" he said.

Prince Nakibinge brings to the bank  20 years of  experience in the banking industry, having worked at the Bank of Uganda (BOU) and Tropical Bank Limited  first as executive director and  then as managing director  before his retirement  in 2013.

The Nabagereka of Buganda, Sylvia Nagginda Luswata paid the amiable prince a courtesy visit at his office at the CIB main branch on Kampala Road to congratulate him on his new appointment.  The two members of the Buganda royal family held a closed discussion for over 45 minutes before the Nabagereka toured the CIB bank hall.

The appointment of Prince Nakibinge comes at the time when CIB is recovering from the pension money scam in which high ranking government officials in the ministries of finance and of public service conspired with top former bank managers to steal more than sh165bn by creating bogus accounts of 2,605 ghost beneficiaries.

Two top officials of the bank; Nabil Ghaneem, the former managing director, and Osam Darwish, the executive director, left their positions because of the high profile incident.

Cairo International Bank has been in Uganda since 1995 and has six branches that include its main branch on Kampala Road, Kikuubo Branch, Kansanga Branch, Bugolobi Branch, Quality Hill Branch and Kapeeka branch.