This archive report was first published on 20 September 2019.
On September 20, 2019, the Central Bank of Kenya approved the appointment of Paul Russo as the new Managing Director of National Bank of Kenya, replacing Wilfred Musau.
Despite media reports indicating that Musau was fighting against his removal, he has been redeployed to the Kenya Commercial Bank to support integration between the two banks.
CBK had approved the 100 percent share capital acquisition of National Bank by KCB Group on September 2, 2019.
As part of the deal, NBK shareholders took up KCB's share-swap offer, exchanging 10 NBK shares for every single one of KCB's.
Joshua Oigara, KCB Group Chief Executive Officer and Managing Director, expressed confidence in Russo's ability to 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,” Oigara said.
