The KCB Group has named Annastacia Kimtai as the managing director of KCB Bank Kenya, marking the first time the Kenyan unit will have its own boss.
Ms Kimtai has been serving as acting managing director since December, while also serving as KCB Bank Kenya’s retail banking director.
KCB Group CEO Paul Russo communicated the changes in an internal memo prior to a formal public announcement. Ms Kimtai officially took over the position yesterday.
“I take this opportunity to congratulate Annastacia on this appointment and request that we all accord her all the support to execute her mandate,” said Mr Russo.
“The changes are aligned to the expectations of the CBK prudential guideline on corporate governance. The introduction of the position of managing director KCB Bank Kenya is to help drive the Kenya business and free up the Group CEO to focus on accelerating the Group expansion agenda.”
He stated that the move is in accordance with the Central Bank of Kenya’s Prudential Guidelines on Corporate Governance.
The guidelines require the separation of subsidiary management from that of holding companies, which is why KCB’s rival, Equity Group, appointed Polycarp Igathe as the head of its Kenyan unit in 2018. Gerald Warui now occupies the position.
