KCB Group Plc (KCB Group) has taken note of the appointment of Mr. Paul Russo by the Board of the National Bank of Kenya (NBK) as the new Managing Director, following an approval by the Central Bank of Kenya (CBK).
Mr. Russo lead the integration of NBK into KCB, taking over from Wilfred Musau, the outgoing NBK MD and CEO who has been assigned a new role at KCB Group to support the integration.
On Thursday, 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.
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 period, 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.
“I have full confidence that Mr. Russo will steer NBK in the right direction and succeed in the integration task ahead. I wish to assure NBK customers that they will continue to receive enhanced products and services throughout the integration period and that they should rest assured that they are now part of a bigger and stronger family,” said KCB Group Chief Executive Officer and Managing Director Joshua Oigara.
“Focus will be on a simplified customer journey and products that provide solutions to our customers,” he added.
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 well 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.