KCB Group Plc has confirmed the appointment of Paul Russo as the Managing Director of National Bank of Kenya (NBK) following approval by the Central Bank of Kenya (CBK).
In a statement, Russo will lead the integration of NBK into KCB, taking over from Wilfred Musau
The outgoing NBK MD and CEO who has been assigned a new role at KCB Group to support the integration.
This followed after a local newspaper reported that Musau was fighting the decision to replace him.
Musau was quoted terming the announcement of Russo as "premature".
In September, KCB appointed Paul Russo as the designate for the position, to manage the state-owned bank in the transitional 2-year period and ahead of full integration into KCB.
Russo was approved by CBK after serving as a KCB Group Director of Regional Businesses and previously served as KCB Group Human Resource Director.
“Having received all requisite approvals, KCB commenced the integration activities from September 6 with a plan to fully integrate NBK into KCB within the next 24 months,” KCB said in a statement.
During the integration period, KCB will work towards streamlining human resources, systems, processes and procedures to fully realize the value of the envisioned combined efficiencies and productivity synergies post the acquisition.
“I have full confidence that Russo will steer NBK in the right direction and succeed in the integration task ahead. I wish to assure NBK customers that they will continue to receive enhanced products and services throughout the integration period and that they should rest assured that they are now part of a bigger and stronger family,” KCB Group Chief Executive Officer Joshua Oigara said.
“Focus will be on a simplified customer journey and products that provide solutions to our customers,” he added.
It is expected that the NBK Board will be reorganized in the coming weeks and will provide guidance during the integration period.
The acquisition is part of KCB’s expansion strategy in the East African region.
