17.2 C
Kenya
Thursday, November 14, 2019
  • NEWS

KCB fires Francis Atwoli from board after bank takeover

Must Read

Martin Oduor Otieno appointed EABL Chairman

Martin Oduor Otieno EABL: Former Kenya Commercial Bank chief executive officer Martin Oduor Otieno has been appointed as the...

I’d like to remain as Equity CEO until age 75, says James Mwangi

James Mwangi Equity CEO: Equity Bank chief executive officer James Mwangi has said that he is not planning to...

How poverty led Kenyan to hide, fall from KQ’s landing gear in London sky

Plane Stowaway: This feature was first published by Sky News: It was sunny and warm on 30 June as...

KCB Group has sent fired nearly the entire former board of National Bank of Kenya (NBK). The affected include COTU boss Francis Atwoli. This follows the acquisition of NBK by KCB.

According to a report that appeared in the Business Daily on Friday, NSSF board of trustees chairman and ex-KDF boss Julius Karangi and Treasury’s acting director general in charge of public investments and portfolio management directorate Stanley Kamau to its board of directors. Here is part of the report:

“KCB Group chief executive Joshua Oigara and NBK managing director Paul Russo have also joined the board. The board shakeup means Central Organisation of Trade Unions (Cotu) secretary-general Francis Atwoli becomes the latest highest-ranking victim of the takeover after serving on the NBK board for 16 years.

How Sh. 8 billion Two Rivers loan elevated Co-op Bank’s lending ability

Mr Atwoli joined the bank’s board in April, 2003, where he represented workers’ interests in the bank, having been appointed to occupy one of the National Social Security Fund (NSSF’s) two positions on the board. KCB had said it was using a two-year transition period to “streamline human resources, systems, processes and procedures” to realize efficiency and productivity synergies.

Former NBK Board chairman Mohamed Abdirahman Hassan has also been axed and replaced by John Nyerere, a member of the KCB Group board. Those retained at the new board include Linnet Mirehane and Jones Makau Nzomo. KCB Group is shaking up its board of directors in the latest effort to regain the loss-making NBK shareholders’ trust and revamp its business following successive years of troubles.

KCB Group chairman Andrew Wambari Kairu said the changes are aimed at building a bigger and stronger institution, focusing on people, systems, processes and institutional governance. Former NBK MD Wilfred Musau was replaced last month by Mr Russo, who was formerly the group’s director of regional businesses, following the buyout deal.

The acquisition was promoted as a rescue deal aimed at pulling NBK out of its perennial low liquidity troubles. Under the deal, KCB bought NBK through a share swap of one KCB share for every 10 of NBK, joining a wave of consolidation in Kenya’s banking industry.

With the take-over, the group delisted NBK’s shares from the Nairobi bourse and says it plans to run the bank as a stand-alone subsidiary before integrating its operations within about two years of the acquisition.” Francis Atwoli Salary. Francis Atwoli Salary.

- Advertisement -

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

124,996FansLike
11,142FollowersFollow
7,812FollowersFollow
189SubscribersSubscribe

Latest News

Martin Oduor Otieno appointed EABL Chairman

Martin Oduor Otieno EABL: Former Kenya Commercial Bank chief executive officer Martin Oduor Otieno has been appointed as the...

I’d like to remain as Equity CEO until age 75, says James Mwangi

James Mwangi Equity CEO: Equity Bank chief executive officer James Mwangi has said that he is not planning to retire anytime soon. The chief...

How poverty led Kenyan to hide, fall from KQ’s landing gear in London sky

Plane Stowaway: This feature was first published by Sky News: It was sunny and warm on 30 June as residents in south London finished...

I don’t know why Kenyans are broke, says Uhuru

Economy Under Uhuru: Kenya is in the red. The economy is doing bad. Debts are piling up. There is no money in the pockets...

Car prices in Kenya jump after Uhuru okays new tax for 1500cc vehicles

Car prices in Kenya: Vehicle prices in Kenya have increased by up to Sh. 1 million following the increase of the Excise Duty and...

More Articles Like This

- Advertisement -
%d bloggers like this: