NBK names finance director as acting MD to replace Paul Russo

The board of the National Bank of Kenya has appointed its director of finance and strategy as acting managing director effective June 10.

Peter Kioko will replace Paul Russo who was picked by the parent firm KCB Group as its new chief executive on May 25.

Mr Russo took over from long-serving KCB boss Joshua Oigara whose term expires in December.

Read: Oigara's legacy at KCB in numbers

“Peter has played a pivotal role in driving the transformation of National Bank. Hence his appointment reflects our commitment to continue strengthening the business,” said KCB Group CEO Mr Russo on Monday. 

“KCB Group is delighted to have Peter steer National Bank to greater height.”

Also read: How camels drive new KCB boss's resilience

Mr Kioko joined the bank in November 2016. He previously worked at East Africa Breweries Limited as the head of risk and audit before becoming its finance director.

He has also worked at Stanbic Bank as the finance manager - corporate and investment banking, and at  Kenya Shell/BP Limited as the group financial controller.

He holds a Bachelor of Commerce (Accounting Option) from the University of Nairobi, a post graduate diploma from the University of Bradford, and is a Certified Public Accountant.

He is also a member of ICPAK.

KCB, which completed the buyout of National Bank in March 2020, injected Sh5 billion of new capital into the bank in December 2019 to recapitalise the lender which had breached critical capital ratios for years.

NBK’s profit after tax increased 72 percent in the first three months of 2022 from Sh229.07 million to Sh395.09 million in a similar period last year.