KCB Group yesterday appointed Paul Russo as new managing director for the National Bank of Kenya (NBK), replacing Wilfred Musau who has served the bank since 2016.
In a statement, KCB, which recently finalized the acquisition of NBK, said the regular, Central Bank of Kenya has approved the appointment in line banking laws.
KCB had on September 3 appointed Russo as the chief executive designate for the transitional two-year period a day after CBK said it had no objection to the 100 per cent acquisition.
Although it allocated the immediate former chief an unspecified role in the integration of the two banks, KCB Group is likely to dig dipper in the pocket to compensate Musau whose tenure was expected to lapse in 2021.
Efforts to get Musau’s comment about the new development failed, with his point man Patrick Kinyua saying he will get back to us. He had not done saw by the time of going to press.
Last week, Musau termed the appointment of the new MD as premature, saying that his five-year term was still on.
