DTB bids farewell to former managing director Varghese Thambi

Deputy Governor of the Bank of Uganda, Michael Atingi-Ego (MIDDLE) flanked on his right by Thambi and on left by Uganda Bankers Association ED Wilbrod Owor a the farewell

The Diamond Trust Bank has bid farewell to its former Managing Director, Varghese Thambi, marking the end of his 17-year tenure with the bank.

Thambi, who joined DTB in 2007, was hailed by the Deputy Governor of the Bank of Uganda, Michael Atingi-Ego, for his instrumental role in transforming the bank from just three branches to a network of 37 branches countrywide.

The Governor lauded Thambi for steering the bank through challenging times such as the global financial crisis and the COVID-19 pandemic, typifying strength and resilience in his leadership.

He said under Thambi’s guidance, DTB experienced exponential growth, expanding its branch network and introducing innovative digital and remittance solutions to enhance customer accessibility and convenience.

“Under his leadership, DTB achieved remarkable growth, expanding its branch network from three branches to 37 nationwide. The bank opened three cash collection centers, 56 ATMs, 22 deposit collection machines, and a network of 939 bank agents,” he said on May 21 in Kampala.

Atingi-Ego said despite facing formidable challenges, Thambi’s leadership led to substantial growth in the bank’s assets, deposits, and net after-tax profits.

The farewell event also marked the introduction of Godfrey Sebaana as the new CEO and MD of the bank.

Sebaana, who expressed gratitude to Thambi for his mentorship, pledged to continue the bank’s growth trajectory and enhance its product offerings to meet evolving customer needs.

He emphasized DTB’s commitment to dominating the East African Community (EAC) region and beyond.

He said the board agreed to introduce innovative products to help traders, manufacturers, and other bank customers, as the bank endeavors to deliver valued service.

Throughout his tenure, Thambi prioritized community banking and forged strong partnerships with various stakeholders, positioning DTB as a key player in the industry.

In his farewell remarks, Mr. Thambi expressed gratitude to the DTB Uganda Board, staff, and regulatory authorities for their steadfast support throughout his tenure.

During his tenure, Thambi worked closely with more than 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.

He is also credited with growing the bank’s workforce from 60 to more than 680, 99% of whom are Ugandan, with women dominating the gender ratio at 56%.

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