KCB Group Plc appoints Paul Russo as MD of NBK
KCB Group Plc has appointed Paul Russo as the managing director of National Bank of Kenya a day after Central Bank of Kenya (CBK) approved his appointment.
Russo will lead the integration process of NBK into KCB. He replaces Wilfred Musau, who has been assigned a new role at KCB Group to support the integration.
Russo has been 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 process on September 6, 2019 and has plans to fully integrate NBK into KCB within two years.
Key on the list during the integration period will include streamlining human resources, systems, processes and procedures to fully realise the value of the envisioned combined efficiencies and productivity synergies post the acquisition.
“I have full confidence that 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,” KCB Group Chief Executive Officer and Managing Director Joshua Oigara said.
Oigara said the focus of the financial institution now will be on a simplified customer journey and products that provide solutions to our customers. Following the changes, the NBK board will be reorganised to provide guidance during the integration period.
The acquisition of NBK 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.
KCB Group PLC was established in 1896 in Kenya and over the years, it has grown and spread its wings into Tanzania, South Sudan, Uganda, Rwanda, Burundi and Ethiopia (Rep).
Today KCB Group Plc has the largest branch network in the Region of 258 branches, 962 ATMs and over 16,600 merchants and agents offering banking services on a 24/7 basis in East Africa.
The bank has a wide network of correspondent relationships totalling over 200 banks across the globe and our customers are assured of seamless facilitation of their international trade requirements wherever they are.