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Saturday, September 3, 2022

Paul Russo appointed new Kenya Commercial Bank CEO

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Kenya Business Financial institution (KCB) Group has introduced the appointment of Paul Russo as its chief government officer, efficient Wednesday 25 Might.

Russo, a human assets (HR) skilled who’s at present the managing director of the lender’s subsidiary Nationwide Financial institution of Kenya, takes over from Joshua Oigara. Russo was seconded to the subsidiary after its acquisition by KCB in 2019 and has labored inside the KCB Group since 2014.

Earlier than that he labored in senior HR roles at Barclays, PwC, Ok-Rep Financial institution Restricted and EABL subsidiary Kenya Breweries Ltd.

“Throughout his tenure at NBK, he has executed a major turnaround, transferring the beforehand loss-making enterprise into profitability and on a trajectory for stronger development into the long run,” KCB Group Chairman Andrew Wambari Kairu stated in a press release on Tuesday.

The outgoing CEO has had a implausible run…and has led the Group via its quickest development in a decade

In March, the board prolonged Oigara’s time period on the helm of the regional lender by a yr to permit for what the financial institution known as a “competitively run choice course of”.

Oigara was appointed because the financial institution’s CEO in 2013, taking on from Martin Oduor-Otieno. Oigara had been headhunted from Bamburi Cement a number of years earlier than, in preparation for the succession course of.

In his 9 years on the financial institution, KCB has been on an aggressive enlargement drive and has grown considerably. The financial institution stated the outgoing CEO has had a “implausible run…and has led the Group via its quickest development in a decade”.

Exploratory strikes

Beneath Oigara’s management, KCB tripled its complete asset base from Ksh367.4bn ($3.1bn) in September 2012 to Ksh1.139trn ($9.7bn) in 2021, making it the second largest financial institution in Kenya after Fairness Financial institution.

In April, KCB merged its Rwandan subsidiary with its new acquisition, Banque Common du Rwanda (BPR), to type BPR Financial institution Rwanda PLC, now the second-largest lender within the nation.

Along with Kenya and Rwanda, the financial institution can also be current in Tanzania, South Sudan, Uganda and Burundi. It has additionally been making exploratory strikes in Ethiopia in readiness for the liberalisation of the nation’s banking sector and is alleged to be in superior phases of an acquisition within the Democratic Republic of Congo.

The financial institution stays primarily depending on its house market: its subsidiaries contributed $47.32m of the group’s complete $300m internet earnings in 2021.

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