Kenya Commercial Bank ()KCB has appointed Mr Paul Russo as the new Managing Director of National Bank of Kenya (NBK), following merger approval by the Central Bank of Kenya (CBK), Capital Markets Authority (CMA) and Competition Authority of Kenya.
The new NBK MD will lead the integration of the National Bank of Kenya into KCB. On September 19 2019, the CBK gave a fit-to-serve approval for Mr Russo who is the KCB Group Director of Regional Businesses and previously served as KCB Group Human Resource Director.
The New NBK MD takes over from Wilfred Musau, the outgoing NBK MD and CEO who has been assigned a new role at KCB Group to support the integration. “I have full confidence that Mr Russo will steer NBK in the right direction and succeed in the integration task ahead,” said KCB Group Chief Executive Officer and Managing Director Joshua Oigara.
Having received all requisite approvals, KCB commenced the integration activities from September 6 2019, with a plan to fully integrate NBK into KCB within the next 24 months.
During the integration, 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.
Mr Oigara assured NBK customers that they will continue to receive enhanced products and services throughout the integration period besides being part of “a bigger and stronger family.”
For the new NBK MD, Mr Oigara said, “focus will be on a simplified customer journey and products that provide solutions to our customers.”
It is expected that the NBK Board will be reorganized in the coming weeks and will provide guidance during the integration period.
The acquisition fits within KCB’s expansion strategy and gives the Group a stronger edge to play a bigger role in driving the financial inclusion and economic empowerment agenda in the East African region while simultaneously building a robust and financially sustainable organisation.