The transformation going on at the National Bank of Kenya is an interesting study on how to execute bank turnarounds. We must not forget that several past attempts to change the fortunes of the bank through expensive State-funded bailouts yielded zilch.
So, when I met the managing director of the bank, Paul Russo, recently, we agreed we would restrict our conversation to discussing tangible action by the new management: what, exactly, had been implemented to improve the fortunes of the bank and whether the bank was indeed on a recovery path.
