National Bank raids KCB for key staff


National Bank of Kenya

National Bank of Kenya has filled its executive team with the appointment of four senior managers.

This comes after the Bank in April fired its top officials including former Chief Executive Officer Munir Ahmed after revelations of financial accounting manipulation.

Peter Kioko joins National Bank as the Chief Financial Officer, Duncan Okun has been appointed as the Chief Risk Officer while Andrew Kimani is the new ICT Director.

All three managers have been poached from the KCB Group where they held positions in similar capacities.

Stephen Gathogo rounds up the senior management team as the Head of Credit.

The bank last month appointed Wilfred Musau as its Chief Executive officer.

National Bank has been looking to re build its image after revelations of growth in non performing loans ending practices and financial manipulation.

A multi pronged audit conducted by the Central Bank of Kenya and the Capital Markets Authority found massive gaps in the bank’s books.

This saw the bank restate its 2015 full year results, reversing a third quarter profit of Sh3.3 billion to post a full year loss Sh1.2 billion.

Mr Musau said the appointment of the new managers would strengthen the team to implement a transformation strategy to get the bank back on track.

“They all have strong track records in their respective fields and will bring formidable experience and expertise as we move this bank forward,” Mr Musau said.

National Bank’s immediate focus is to raise capital to shore up its reserves.

The bank’s total capital to total weighted assets ratio stood at 13.2 percent at the end of June, which is 1.3 percentage points below the CBK statutory minimum of 14.5 percent.

The government, which is the bank’s majority shareholder, has been reluctant to support NBK’s plans to raise Sh13 billion through a rights issue further straining its operations.

The bank is currently working on securing a Sh4.4 billion shareholder loan from the National Social Security Fund and Sh1.4 billion from the treasury to recapitalize the bank.

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Story By Ephraim Mugo
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