Sidian Bank, a prominent player in Kenya’s financial sector, has announced a significant shake-up in its leadership.
By appointing former Cabinet Secretary James Macharia as its new chairman.
The move signals a strategic pivot for the bank, bringing a wealth of experience from both commercial banking and the highest levels of public service.
Mr. Macharia, whose last cabinet role was as the Cabinet Secretary for Transport, Infrastructure, Housing, and Public Works under the previous administration.
Takes the reins from James Mworia, the Group CEO of Centum Investment Company Plc, who had served as Chairman since 2014.
Mr. Mworia will, however, remain on the Sidian Bank board as a non-executive director.
A Return to His Roots: The Banking Veteran
The appointment marks a notable return to the financial sector for Mr. Macharia, where he built a formidable career spanning over three decades before transitioning into public service.
“I’m happy to be joining Sidian Bank at a very exciting growth phase of the business,” Mr. Macharia said on his appointment.
“I thank my predecessors for a job well done, as I look forward to an exciting and transformational journey ahead.”
A Distinguished Private Sector Career:
Mr. Macharia’s impressive CV in the private sector includes high-level roles in leading regional and international financial institutions:
- NIC Bank Group (now NCBA): He served as the Group Managing Director, where he was instrumental in leading the bank’s expansion into both Tanzania and Uganda, positioning it as a key regional player.
- African Banking Corporation (ABC): He rose through the ranks to become Managing Director of the bank’s Zambian and Tanzanian operations.
- Standard Chartered Bank: He held various positions early in his career.
- Deloitte: He began his professional journey in the firm’s Tax Consultancy Division in London.
Mr. Macharia is a highly qualified finance professional, holding a Bachelor of Commerce degree from the University of Nairobi and an MBA from Henley Management College, UK.
Also, he is a Certified Public Accountant (Kenya) and a Chartered Accountant with the Institute of Chartered Accountants in England and Wales.
Strategic Leadership for the Next Growth Phase
The move is seen as a strategic organizational strengthening for Sidian Bank, which specializes in lending to Small and Medium-sized Enterprises (SMEs) and remains focused on achieving Tier II status.
The bank’s major shareholder, Centum Investment, endorsed the transition as part of a move to strengthen the institution’s foundation.
“It has been a great honour to serve as Chairman of Sidian Bank since 2014, a period during which we successfully transitioned from K-REP Bank to Sidian Bank,” said outgoing Chairman James Mworia.
“I am proud of the progress the bank has made… and I wish the new Chairman, Macharia, and the Board every success as they lead Sidian into its next phase of growth and transformation.”
Bolstering the Board
In addition to the change at the top, Sidian Bank also announced the appointment of other accomplished professionals to its board, further enhancing its expertise:
- Professor Paul Gachanja: An Associate Professor of Economics and Registrar (Administration and Finance) at Kenyatta University.
- Apollo Ong’ara: A veteran in the financial services sector, bringing decades of experience from senior roles at institutions like KCB, Family Bank, and Citibank. He is currently a financial consultant and Managing Partner at Baker Tilly.
- Madhav Bhandari: Managing Partner at Baker Tilly for over two decades, adding robust financial oversight and audit expertise.
The combined experience of the new board, especially Mr. Macharia’s deep understanding of the banking sector coupled with his extensive tenure in high-impact public roles.
Indeed, positions Sidian Bank for a new period of strategic focus and expansion in the competitive Kenyan and East African market.
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