TRANSITION

KCB reconstitutes NBK board

The new board will provide the required leadership to steer NBK through the transition

In Summary

•The new board completes governance changes which started with appointment of Paul Russo as the bank’s MD to lead the transition three weeks ago

Kenya Commercial Bank Group has sent the old National Bank  of Kenya board packing and appointed a new following the latter's acquisition

In a statement, chairman Andrew Kairu said the new team will steer NBK through the transition and eventual integration into KCB Group.

“Corporate governance is of utmost priority for us and the structure of the board and management is important in ensuring that the level of corporate governance you expect is maintained,” he said.

 

He said those picked have been cleared by the Central Bank of Kenya.

John Nyerere,  currently a KCB board member will chair the new NBK board.

Other members are Stanley Kamau (director), Julius Karangi (director), Jones M. Nzomo (director), Linnet Mirehane (director), Joshua Oigara (KCB Group CEO and MD) and Paul Russo (NBK managing director).

The new board completes governance changes which started with appointment of Paul Russo as NBK's MD three weeks ago.

The takeover is expected to give NBK a new lifeline as a business and fits well within KCB expansion strategy.