DFCU Group names dfcu Bank managing director, chairman

Apr 21, 2006

THE DFCU Group board has named a new managing director and chairman for its bank subsidiary, in a restructuring exercise aimed at consolidating its position in the market.

By Sylvia Juuko

THE DFCU Group board has named a new managing director and chairman for its bank subsidiary, in a restructuring exercise aimed at consolidating its position in the market.

Dr. William Kalema, the group board chairman, said in a statement on Wednesday that Iain Sturrock and Sam Kibuuka had been appointed the dfcu Bank managing director and chairman respectively.

“The board of DFCU group has decided to restructure the group to be better positioned to meet its future growth targets and consolidate its position in the market, by separating the management of dfcu Bank from that of the Development Finance business,” Kalema said.

Kalema, who remains the group chairman, said the bank and the group would each have a separate chairman and managing director, and staff.

He said Sturrock has spent over 30 years with Standard Chartered Bank in a variety of senior positions throughout Africa and Asia and served on a number of its locally incorporated entities in Africa before retiring.

“Sturrock brings a wealth of international banking experience to dfcu Bank, which will enable the bank to continue with strong growth and the delivery of excellent service to its customers,” he said.

Sturrock replaces Colin McCommack, “who has decided to seek a new challenge more commensurate with his previous role as DFCU group MD.”

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