Odera gets board’s approval for CFC Stanbic Bank top job

Philip Odera is set to take the top job at CFC Stanbic Bank by the end of March as the current chief executive assumes new responsibilities at the group level.

The former chief executive of Stanbic Uganda will be replacing 57-year-old Greg Brackenridge who took over the reins in 2010.

Well-placed sources told Business Daily the appointment is only waiting for a nod from the Central Bank of Kenya (CBK) before being made official. The bank’s board of directors has already given Mr Odera the green light.

CBK conducts a fit and proper test on all directors appointed by banks to ensure they have the competencies and character to manage a bank.

Mr Odera, 56, is a graduate of economics from St. Lawrence University in New York. He also holds a Master’s degree in business administration from Suffolk University, Boston.

Mr Odera, a Kenyan has been replaced by Mr Patrick Mweheire in the Kampala office. Mr Mweheire will be the first local to head the Ugandan operation.

Mr Kitili Mbathi, the chief executive of CFC Holdings, had also served in Uganda before coming to head the group operations in the country. CFC Holdings includes the bank and stockbrokerage firm SBG Securities.

CFC Stanbic is majority owned by South African Standard Bank with a 60 per cent stake.

Standard Bank is focusing on growth in Africa, a move which has seen it tap the experience of Mr Brackenridge who has worked in Zimbabwe, Kenya, Nigeria and South Africa.

In 2013 the bank posted profits of Sh5.1billion, up from Sh1.8 billion when Mr Brackenridge was appointed.

The bank has also opened a office in South Sudan and is currently in the process of converting it into a subsidiary.

CFC Stanbic is ranked among the six biggest banks in the country. It largely leans to corporate banking and has been relying on the large balance sheet of its parent company to participate in large ticket loans especially in energy sector such as the Kinangop Wind Power Park.