George Mutua was until the appointment StanChart’s executive director and global corporate head for East Africa.
Mr Mutua previously held executive roles at American advisory firms Merrill Lynch, UBS Financial and Morgan Stanley as a financial consultant before relocating to Kenya in 2008 where he joined StanChart as director and senior relationship manager.
He is expected to help the Paris-headquartered lender’s search for new Africa deals as it seeks to entrench its position in the region.
France’s second-biggest bank, Société Générale (SG), has hired former Standard Chartered Bank #ticker:SCBK senior manager George Mutua to head operations of its newly licensed Kenya representative office.
Mr Mutua, a US trained economist, was until the appointment StanChart’s executive director and global corporate head for East Africa.
He previously held executive roles at American advisory firms Merrill Lynch, UBS Financial and Morgan Stanley as a financial consultant before relocating to Kenya in 2008 where he joined StanChart as director and senior relationship manager.
Mr Mutua is expected to help the Paris-headquartered lender’s search for new Africa deals as it seeks to entrench its position in the region.
The Central Bank of Kenya (CBK) announced on September 8 it had granted SG a licence to open a representative office in Kenya. SG’s core business lines are in retail banking, international retail banking and financial services, and global banking and investor solutions.
“Mr Mutua will be in charge of further developing Société Générale’s franchise in Kenya and in Eastern Africa, a fast-growing region,” said the lender in a statement.
Representative offices are opened by foreign banks who wish to have a presence in the country without having to launch fully-fledged banking operations and are only allowed to do research, marketing and liaison roles on behalf of parent banks.
The French lender provides financing services to both corporate and financial institutions including export finance, project and infrastructure finance, debt capital markets, trade finance, global market solutions, mergers and acquisitions advisory, oil and gas and mining.
It has presence in 18 countries in North, West, Central and South Africa. Globally, it has a footprint in 66 countries in Europe, North and South America, Middle East, Africa and Asia.
There were eight representative offices in Kenya by the end of last year.
The value of transactions facilitated by representative offices of foreign banks in Kenya doubled to Sh239.7 billion last year, indicating they are taking a larger role in arranging financing deals in the country, according to CBK data.
The banks’ offices mainly facilitated deals in syndicated lending, specialised, project and trade finance, Central Bank of Kenya says in the 2016 bank supervision annual report.
PAYE Tax Calculator
Note: The results are not exact but very close to the actual.
