This archive report was first published on 20 September 2019.
On September 20, 2019, KCB Group confirmed Paul Russo as the new Managing Director of National Bank of Kenya, following approval from the Central Bank.
Wilfred Musau, who has been the Managing Director of National Bank of Kenya, has now been redeployed to a new role at KCB to support the integration of the two lenders.
The Competition Authority of Kenya approved the merger deal with a caveat that at least 90 percent of the merged entity's workforce should not be retrenched for a period of 18 months.
KCB Group CEO Joshua Oigara assured NBK customers that they will continue to receive services throughout the integration period, which is expected to be completed in 24 months.
The integration process aims to streamline human resources, systems, processes, and procedures to fully realize the value of the envisioned combined efficiencies and productivity synergies post the acquisition.
