Listen to this article
KCB Group has tapped Paul Russo, it’s Group Director for Regional Businesses, as the designate managing director of National Bank of Kenya (NBK) for a two-year period of its integration into KCB, subject to approval by the Central Bank (CBK).
Mr Russo who has also worked with audit firm PwC, K-Rep Bank, listed miller Unga Limited and East African Breweries, will lead the transition team that will report to the KCB Group chief executive, Joshua Oigara.
“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 Mr Oigara in a statement.
His appointment comes barely a day after CBK shrugged off concerns raised by MPs, approving 100 per cent acquisition of NBK by KCB Group following CBK’s approval by the Competition Authority of Kenya granting approval to the country’s biggest bank by assets to finalize the deal.
It is anticipated that upon acquisition, NBK will continue to operate as a subsidiary of KCB Group for a maximum period of two years after which the KCB shall full acquire NBK and pursue the acquisition of the Imperial Bank, which has been under receivership