Financial services firm I&M Holdings has named former Barclays Bank of Tanzania managing director Kihara Maina as chief executive as it looks to accelerate its growth plans.
Mr Maina, who left Barclays Tanzania three weeks ago, will replace Arun Mathur who is assuming an advisory role within the group.
The lender said Mr Maina’s appointment is part of its strategic effort to accelerate its drive to attain a tier one bank status.
“This is also an exciting phase of growth for I&M Bank Kenya as it continues to pursue an aggressive growth agenda spearheaded by a dynamic team of professional managers and robust staffers,” Sarit Raja- Shah, executive director of I&M Bank Ltd., said in a statement.
I&M said the move is also geared towards further strengthening of the bank’s corporate governance and human capacity.
Mr Maina, who holds an MBA from the University of Chicago, has had an illustrious banking career spanning 23 years. He has served as a senior manager in treasury management, corporate finance, and risk, asset and liability management.
“I am delighted to join I&M Group and be part of the next phase of their exciting growth story. I recognise the excellent work that the dedicated team at I&M have done to build such a strong and well perceived brand that continues to attract customers and clients,” he said.
Over the years, I&M Bank has focused on a relationship based approach to banking, helping nurture relationships with some of the country’s fastest growing companies.
The bank has also successfully managed to integrate a formidable suite of retail banking products anchored on its Information Technology systems to deliver demand driven digital banking solutions.
I&M Bank, which is in the process of acquiring Giro Commercial Bank Ltd in a deal estimated at between Sh4.2 billion and Sh5.3 billion, has a regional branch network of 33 branches in Kenya and profitable operations in Mauritius, Tanzania and Rwanda.