KCB Group has appointed Annastacia Kimtai as the managing director of KCB Bank Kenya, marking the first time the Kenyan unit will have a separate boss.
Ms Kimtai has been quietly serving as the acting managing director since December, doubling with her role as KCB Bank Kenya retail banking director.
KCB Group chief executive Paul Russo, in an internal memo, has communicated the changes ahead of a formal public announcement. Ms Kimtai formally assumed the position yesterday.
“I take this opportunity to congratulate Annastacia on this appointment and request that we all accord her all the support to execute her mandate,” said Mr Russo.
“The changes are aligned to the expectations of the CBK prudential guideline on corporate governance. The introduction of the position of managing director KCB Bank Kenya is to help drive the Kenya business and free up the Group CEO to focus on accelerating the Group expansion agenda.”
He said the move is in line with the Central Bank of Kenya Prudential Guidelines on Corporate Governance.
The guidelines require separation of the management of subsidiaries from that of the holding companies, a move that saw KCB's rival, Equity Group, pick Polycarp Igathe as the head of Kenyan unit in 2018. The position is now held by Gerald Warui.
