HF Group CEO: Troubled mortgage lender Housing Finance has replaced its chief executive officer Frank Ireri. The lender which is now known as HF Group has appointed former NIC Bank Director for Retail Banking Robert Kibaara as its new CEO.

Mr. Kibaara replaces Frank Ireri who has been at the helm of the institution for the past thirteen years.

The handover was witnessed by HF Group Chairman, Steve Mainda.

Mr. Kibaara will be facing the tough task of turning around the lender which is currently in the loss making territories.

A continued poor financial performance by HF has left shareholders reeling from huge losses. It’s main shareholder, Britam has taken a hit of close to Sh. 4 billion paper loss.