KCB names HR guru Paul Russo as designate NBK boss

KCB has named its Director of Regional Businesses Paul Russo as the designate Managing Director of the National Bank of Kenya (NBK).

Russo is set to head the rival bank ahead of its full integration into the KCB Group over a 24-month transition period and is expected to lead the transition team which will report back to KCB Group Chief Executive Officer Joshua Oigara.

KCB’s buyout of the National Bank of Kenya stands as good as a done deal, having garnered all requisite regulatory approvals including most recently, the approval of the Central Bank of Kenya (CBK), even as the transaction remains under the scope of the capital markets take-over and mergers regulations.

Russo’s stint will see him lead the conduct of due diligence on the structure of NBK including the rationalization of staff ahead of the lender’s unification into KCB Kenya Limited late in 2021.

“We have set a target to fully integrate NBK into KCB in 24 months from acquisition. During that period, we will be taking a number of integration decisions including how to best structure NBK in order to more excellently deliver value to our customers,” said KCB CEO Joshua Oigara.

The acquisition of the National Bank of Kenya (NBK) by KCB is set to close out in October this year with the pair having just closed out on a 10:1 share-swap affair which priced NBK at a discounted Ksh.5.6 billion.

KCB which had by last Wednesday acknowledged the receipt of 226 million NBK shares or an equivalent 77.6 percent stake is set to pronounce the result of the final offer on the National Bank of Kenya on September 13.

NBK’s new designate Managing Director has a vast experience in human resource having previously served as KCB Group’s Human Resources Director between mid-2014 and December 2018.

Russo long-stretching banking career has also seen him previously serve as Barclay’s Bank head of human resources.

Paul Russo holds two bachelor degrees in business management and administration from the Moi University and a Masters degree in strategic management from the Strathmore Business School.