KCB Group Plc has inaugurated a new board for National Bank of Kenya (NBK)
KCB Group Plc has inaugurated a new board for National Bank of Kenya (NBK), the lender it acquired recently. This gives fresh impetus to the ongoing integration exercise that is anchored on building a bigger and stronger institution, focusing on people, systems, processes and institutional governance.
The new Board will be expected to provide leadership and guidance to steer NBK through the transition and eventual integration within the KCB Group, said KCB Group Chairman Andrew Wambari Kairu adding that the Central Bank of Kenya has granted a ‘fit to serve’ approval for the directors.
“Corporate governance is of utmost priority for us and the structure of the Board and Management is important in ensuring that the level of corporate governance you expect is maintained.
We must continue to strengthen and enhance our oversight and risk management practices, which are essential cogs in the banking sector to meet the expectations of our regulators, protect, and serve the interests of our stakeholders,” said Mr Wambari on Thursday morning in Nairobi during the inauguration.
“To support these efforts, we have made significant changes to NBK Board composition. We are confident that with these changes, the Board will remain laser focused on the things that matter most to the business,” he added. The Board will be chaired by John Nyerere, a member of the KCB Group Plc Board.
The other board members are Eng. Stanley Kamau (Director), Gen (Rtd) Dr. Julius Karangi (Director), CPA. Jones M. Nzomo (Director), Ms. Linnet Mirehane (Director), Joshua Oigara (KCB Group CEO and MD) and Paul Russo (NBK Managing Director).
The inauguration of the new board completes the governance changes which started with the appointment of Paul Russo as the bank’s Managing Director to lead the transition.
The takeover is expected to give NBK a new lifeline as a business and fits well within KCB expansion strategy.
It is anticipated that as a combined institution, this gives KCB a stronger edge to play a bigger role in driving the financial inclusion and economic empowerment agenda in the East African region while simultaneously building a robust and financially sustainable organisation.