This archive report was first published on 3 September 2019.
On September 3, 2019, the Central Bank of Kenya (CBK) approved the 100% acquisition of National Bank of Kenya (NBK) by KCB Group, paving the way for the completion of the deal within KCB's timelines.
As part of the integration process, KCB Group has tapped Paul Russo, its Group Director for Regional Businesses, as the designate managing director of NBK for a two-year period. Russo, who has worked with PwC, K-Rep Bank, Unga Limited, and East African Breweries, will lead the transition team that will report to KCB Group Chief Executive Joshua Oigara.
The appointment comes after the Competition Authority of Kenya granted approval for KCB to finalize the deal. The regulator announced that the approval has been granted in accordance with section 13(1) (e) of the Banking Act.
According to Joshua Oigara, KCB Group's Chief Executive, the bank aims to fully integrate NBK into KCB within 24 months from acquisition. During this period, the bank will take several integration decisions, including how to structure NBK to deliver value to its customers.
