- The Nationwide Financial institution of Kenya (NBK) has appointed George Odhiambo because the Managing Director.
- The place was beforehand held in an appearing capability by Peter Kioko, the Finance and Technique Director since June 2022.
- Odhiambo is a seasoned banker, and the outgoing MD BPR Financial institution Rwanda Plc since its inception final 12 months, following the merger between KCB Financial institution Rwanda Plc and Banque Populaire du Rwanda.
The Nationwide Financial institution of Kenya (NBK) has appointed George Odhiambo because the Managing Director. The place was beforehand held in an appearing capability by Peter Kioko, the Finance and Technique Director since June 2022.
Odhiambo is a seasoned banker, and the outgoing MD BPR Financial institution Rwanda Plc since its inception final 12 months, following the merger between KCB Financial institution Rwanda Plc and Banque Populaire du Rwanda. He was the instant former MD, KCB Financial institution Rwanda Plc and joined KCB in 2009 as Head, Enterprise Analytics, KCB Financial institution Kenya. He has beforehand served in varied management roles in banks domestically and internationally.
NBK Board Director Dr. James Bagaka mentioned: “The Board takes this chance to welcome and congratulate George on his appointment. We imagine he has what it takes to drive the longer term success and development of NBK.”
Odhiambo holds an MSc in Pure Arithmetic and BSc in Mathematical Statistics from the College of Nairobi. He has additionally acquired a number of management certifications akin to Practitioner Diploma in Government Teaching and Postgraduate Diploma in Company Governance from the Academy of Government Teaching, UK and the Centre for Company Governance & KCA College respectively. He’s a member of the COMESA Enterprise Council Advisory Board and Chairs the Banking Sub-Sector Committee, amongst different roles.
“George has been instrumental in strengthening and rising the Rwanda enterprise. His broad administration expertise shall be invaluable to the NBK management to execute the enterprise technique of innovation and development,” mentioned KCB Group CEO Paul Russo.
NBK posted a revenue after tax of KShs. 886 million in its third quarter outcomes ending September 30, 2022, in contrast with KShs. 1,172 million the same interval in 2021. Web curiosity earnings grew by 14% from the earlier 12 months to KShs. 6.9 billion.
Nationwide Financial institution is a subsidiary of KCB Group Plc and a fully-fledged Business Financial institution established to offer Kenyans entry to finance.
The Financial institution has a rising community of 74 department shops throughout the nation, over 1500 ATMs, and digital channels of Cellular and Web Banking.
Nationwide Financial institution participates in Company Banking, Enterprise Banking, Retail Banking, and Islamic Banking with an in depth portfolio of merchandise and monetary options tailor-made for the necessities of a broad spectrum of buyer segments it serves.
KCB Acquisitions
In 2019, KCB Group Plc made a suggestion to accumulate one hundred pc of NBK. By way of a discover printed on September sixth 2019, KCB introduced the success of the acquisition.
In 2021, the lender additionally accomplished the acquisition of Banque Populaire du Rwanda Plc (BPR) from Atlas Mara Mauritius Restricted and Come up B.V in.
The acquisition birthed a merger between KCB Financial institution Rwanda and BPR which was named BPR Financial institution turning into the second largest financial institution within the business.
The regional lender has additionally acquired approval to accumulate a majority stake in Belief Service provider Financial institution (TMB) permitting it to increase its providers into one of many continent’s most populated nations.
The financial institution introduced in December 2022 that it had acquired approvals from regulators in Nairobi, Kinshasa and the area’s buying and selling bloc, the Widespread Marketplace for Japanese and Southern Africa (Comesa) Competitors Fee, to purchase 85 % of TMB.
Following the acquisition KCB could have entry to the DRC market, with an estimated inhabitants of 90 million. The nation joined the East African Group early final 12 months and regional banks have been scrambling for alternatives to enter the market.
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