National Bank of Kenya (NBK) has confirmed acting boss Wilfred Mutuku Musau as the chief executive officer. Mr. Mutuku will serve for a five year period starting on October 10.
He was previously NBK’s director for retail and premium banking, has been acting CEO at National Bank since April following the acrimonious sacking of Munir Sheikh Ahmed.
“The board of directors of NBK is confident with Wilfred Musau’s leadership credentials,” said the NBK’s chairman Mohamed Abdirahman Hassan in a notice.
National Bank’s net profit in the half year to June dropped to Sh. 311.2 million from Sh. 1.7 billion in 2015. The volume of bad loans at the State-owned lender more than quadrupled to Sh. 27.3 billion in the period under review.
Mr Musau is expected to push talks on getting a Sh.4.4 billion shareholder loan from the National Social Security Fund(NSSF) (Sh. 3 billion), and Sh.1.4 billion from the Treasury to help capitalise the bank.
