- The National Bank of Kenya (NBK) has appointed George Odhiambo as the Managing Director.
- The position was previously held in an acting capacity by Peter Kioko, the Finance and Strategy Director since June 2022.
- Odhiambo is a seasoned banker, and the outgoing MD BPR Bank Rwanda Plc since its inception last year, following the merger between KCB Bank Rwanda Plc and Banque Populaire du Rwanda.
The National Bank of Kenya (NBK) has appointed George Odhiambo as the Managing Director. The position was previously held in an acting capacity by Peter Kioko, the Finance and Strategy Director since June 2022.
Odhiambo is a seasoned banker, and the outgoing MD BPR Bank Rwanda Plc since its inception last year, following the merger between KCB Bank Rwanda Plc and Banque Populaire du Rwanda. He was the immediate former MD, KCB Bank Rwanda Plc and joined KCB in 2009 as Head, Business Analytics, KCB Bank Kenya. He has previously served in various leadership roles in banks locally and internationally.
NBK Board Director Dr. James Bagaka said: “The Board takes this opportunity to welcome and congratulate George on his appointment. We believe he has what it takes to drive the future success and growth of NBK.”
Odhiambo holds an MSc in Pure Mathematics and BSc in Mathematical Statistics from the University of Nairobi. He has also acquired several leadership certifications such as Practitioner Diploma in Executive Coaching and Postgraduate Diploma in Corporate Governance from the Academy of Executive Coaching, UK and the Centre for Corporate Governance & KCA University respectively. He is a member of the COMESA Business Council Advisory Board and Chairs the Banking Sub-Sector Committee, among other roles.
“George has been instrumental in strengthening and growing the Rwanda business. His broad management experience will be invaluable to the NBK leadership to execute the business strategy of innovation and growth,” said KCB Group CEO Paul Russo.
NBK posted a profit after tax of KShs. 886 million in its third quarter results ending September 30, 2022, compared with KShs. 1,172 million a similar period in 2021. Net interest income grew by 14% from the previous year to KShs. 6.9 billion.
National Bank is a subsidiary of KCB Group Plc and a fully-fledged Commercial Bank established to provide Kenyans access to finance.
The Bank has a growing network of 74 branch outlets across the country, over 1500 ATMs, and electronic channels of Mobile and Internet Banking.
National Bank participates in Corporate Banking, Business Banking, Retail Banking, and Islamic Banking with an extensive portfolio of products and financial solutions tailored for the requirements of a broad spectrum of customer segments it serves.
KCB Acquisitions
In 2019, KCB Group Plc made an offer to acquire 100 percent of NBK. Through a notice published on September 6th 2019, KCB announced the success of the acquisition.
In 2021, the lender also completed the acquisition of Banque Populaire du Rwanda Plc (BPR) from Atlas Mara Mauritius Limited and Arise B.V in.
The acquisition birthed a merger between KCB Bank Rwanda and BPR which was named BPR Bank becoming the second largest bank in the industry.
The regional lender has also received approval to acquire a majority stake in Trust Merchant Bank (TMB) allowing it to expand its services into one of the continent’s most populated countries.
The bank announced in December 2022 that it had received approvals from regulators in Nairobi, Kinshasa and the region’s trading bloc, the Common Market for Eastern and Southern Africa (Comesa) Competition Commission, to buy 85 percent of TMB.
Following the acquisition KCB will have access to the DRC market, with an estimated population of 90 million. The country joined the East African Community early last year and regional banks have been scrambling for opportunities to enter the market.
