Annastacia Kimtai has been appointed as the managing director of KCB Bank Kenya, becoming the first individual to hold the position separately. She has been serving as the acting managing director and the retail banking director since December. The move is aligned with the Central Bank of Kenya’s Prudential Guidelines on Corporate Governance, which requires separation of the management of subsidiaries from that of the holding companies.
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Ethiopia: KCB shortlisting possible takeover candidates
Kenyan lender KCB Group is considering purchasing shares from one of Ethiopia’s commercial banks rather than opening a branch or subsidiary. The bank already has a representative office in Addis Ababa and has been shortlisting banks based on their technological progress. The bank has acquired banks across East Africa in recent years, including Bank Populaire du Rwanda and Trust Merchant Bank. KCB Group reported a 19.5% increase in profit after tax from 2021 to 2022, reaching KSH40.8bn ($308m).
Categories: Banks -
Kenya: Former head of public service joins KCB board
Former Head of Public Service, Dr. Francis Kinyua, has been appointed to the Board of Directors of Kenya Commercial Bank (KCB) Group Plc, effective March 24, 2023. Kinyua has served in various senior positions in the government and has had an illustrious career spanning over 44 years in public service.
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Kenya: KCB staff count grows rapidly
KCB Group, Kenya’s largest bank by assets, increased its workforce by 2,560 employees in 2022 following the acquisition of a controlling stake in the Democratic Republic of Congo’s Trust Merchant Bank (TMB) and fresh hiring across other units. The bank’s staff costs rose 22.4% to KES30.26bn ($280m) in 2022 as a result. KCB’s total assets grew by 36.4% to KES1.55tn, helped by increased lending, investment in government securities, and growth in customer deposits and additional borrowings.
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Kenya: KCB stock slides on lower dividend payout
Shares of KCB Group Plc, Kenya’s second-largest bank, dropped as much as 9.99% in Nairobi after the lender proposed a lower dividend payout of 2 shillings per unit, down from 3 shillings the previous year. Sterling Capital attributed the lower payout to KCB Group’s low capital adequacy ratios, mainly due to the undercapitalization of subsidiary National Bank of Kenya. The bank posted 19% growth in net income to 40.6 billion shillings ($312.6 million) for last year and is targeting to lower its non-performing loans ratio to 13% this year from 17.3%.
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Kenya: Odhiambo appointed managing director at National Bank of Kenya
KCB Group has announced that George Odhiambo, the current managing director of BPR Bank Plc Rwanda, will take charge of the National Bank of Kenya. He joined KCB Group in Rwanda in 2009 and has been credited with turning around the bank’s operations, and was appointed managing director of BPR Rwanda in April 2022, where he has been leading the merger operations.
Categories: Banks