On 31st December, 1998 at the 30th Shareholders Annual General Meeting, Mr Reuben Marambii was appointed as the Managing Director of the Bank with a role to restructure and bring the bank back to profitability. The bank was then in a deficit of 8.6 billion at the CBK with instructions and pressure from the Goverment and IMF for it to be closed. A new chairman Michael Muhindi was also appointed.