Co-op Bank in race to replace share unit boss

Kingdom Securities, the stockbroking arm of Co-operative Bank Group, is hunting for a new managing director after exit of the holder.

The post is set to fall vacant on February 28 when Geoffrey Otieno Odundo leaves. He has been named the new chief executive of the Nairobi Securities Exchange (NSE) effective March 1.

A print advert on Friday said applications were to be forwarded to the Co-op Bank Group managing director.

It said the right person must have “excellent leadership” credentials and be ready to drive the business of the brokerage to market leadership.

In bonds and equities trade, the leaders have traditionally been Renaissance Capital, Kestrel Capital, Dyer and Blair and Standard Investment Bank.

The successful candidate for the Kingdom Securities job is expected to develop an institutional client base by signing up leading fund managers, insurance companies, banks and parastatals.

The incoming CEO is also expected to develop a strong retail business model through the bank’s branches and cooperatives to raise the sales.

For a company that has not seen much of deal making relating to initial public offerings (IPOs), the new managing director is expected to build the transaction advisory capacity to enable Kingdom participate in future IPOs.

Applicants with “emerging market experience” were encouraged to apply. Emerging markets include South Africa, Malaysia, Brazil, Mexico and Singapore.

Applicants must have a first degree, an MBA and be holders of CFA or other financial certification.

Mr Odundo had a Bachelors of Arts Degree in Mathematics and Economics from Egerton University and a Masters in Strategic Management from the United States International University.