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Credit Bank taps insider as new chief executive

Credit Bank’s former CEO, Chege Thumbi (right), with CPF Group MD Hosea Kili at a past event. FILE PHOTO | NMG
Credit Bank’s former CEO, Chege Thumbi (right), with CPF Group MD Hosea Kili at a past event. FILE PHOTO | NMG 

Credit Bank has tapped in-house talent for its new chief executive, appointing Betty Korir to head the lender.

The bank’s corner office has remained vacant since former CEO Chege Thumbi left the company in July for Sidian Bank.

Ms Korir has over the past four years served as the bank’s head of credit and deputy chief executive. In her new post, she will be expected to leverage her 20-year experience in the banking sector to sustain the growth of Credit Bank, a lender linked with the family of  Moi-era politician Simeon Nyachae.

“I have a great and talented team that is capable of re-defining the Credit Bank’s space in the banking industry,” said Ms Korir in a statement.

SME-focused Credit Bank has a network of 17 branches and reported a profit after tax of Sh109.6 million in the year to December 2016, up from a loss of Sh59.3 million in 2015. However, as a small lender Credit Bank was hit especially hard by the interest rate caps introduced in 2016.

Research by Business Daily has previously shown that the bank was at the top of the list of banks that had to cut their rates by the largest margin— from an average 21.5 per cent to a maximum 14 per cent as per the law.

The previous CEO Mr Thumbi joined Sidian Bank in July this year after Titus Karanja quit the top post at Sidian Bank to “pursue other interests”.

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