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Corporate

National Bank names 5 new senior executives

A National Bank branch in Nyeri town: The bank has named new senior managers to replace those that were sent on compulsory leave last week. PHOTO | FILE
A National Bank branch in Nyeri town: The bank has named new senior managers to replace those that were sent on compulsory leave last week. PHOTO | FILE 

The Board of the troubled National Bank of Kenya (NBK) has named five executives to replace those that were sent on compulsory leave last week, the lender said Friday.

The new senior managers - Cromwell Kedemi (Retail & Premium Banking Director), Francis Ogwao (Integrated Distribution Channels Director), Anne Njoroge (Chief Credit Officer), Shadrack Kiamuko (ICT Director) and Reuben Koech (Corporate Institution Business Banking Director) - will take the positions on an interim basis along with Acting MD Wilfred Musau.

“The board continues to take proactive measures to strengthen and enforce of our corporate governance tenets and the continuous enhancement of our risk management capabilities,” National Bank board chair Mohammed Hassan said of the move in a statement.

Meanwhile, the Inspector General (IG) of Police on Friday ordered the arrest of six former senior directors at NBK including suspended managing director Munir Ahmed.

Mr Musau took over as acting managing director pending an audit last week after the lender posted a staggering Sh1.2 billion loss at the end of 2015.

The results reversed the Sh870.7 million net profit it made in 2014 and goes down as it worst performance in recent history.

The Central Bank of Kenya (CBK) this week revealed that NBK's board had reported suspicious operations and the actions they were proposing to take to ensure the bank was sound, leading to the suspension of Mr Munir and five other top managers.

The NSE-listed lender's gross non-performing loans for 2015 jumped 63 per cent to Sh11.76 billion, indicating the significance of the firm's financial problems.

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