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Sidian CEO Titus Karanja resigns after 2-year stint

Sidian Bank chief executive Titus Karanja. FILE PHOTO | NMG
Sidian Bank chief executive Titus Karanja. FILE PHOTO | NMG 

Sidian Bank CEO Titus Karanja has resigned after two years at the helm of the lender, which has in recent months faced profitability pressures following the capping of interest rates.

The bank, which is majority owned by investment firm Centum #ticker:ICDC, has announced that Mr Karanja will step down effective July 31 but stay on until the end of the year to ensure a smooth transition.

Credit Bank CEO Chege Thumbi will succeed Mr Karanja.

His banking career of over 25 years has seen him work in senior positions at Barclays Bank of Kenya #ticker:BBK , Commercial Bank of Africa, Citi Bank and NIC Bank #ticker:NIC.

“Mr Thumbi’s depth of experience, as well as his dynamic and driven leadership style will enable the continued evolution and growth of Sidian in line with our aspirations,” James Mworia, Sidian Bank chairman, said in a memo to the bank’s staff.

Layoffs

Sidian Bank has felt the pressure of the rate caps that came into force in September last year, forcing the lender to retrench over 100 employees in order to control costs.

Lower interest income and higher expenses saw it make a net loss of Sh55.5 million in the first quarter ended March compared to a net profit of Sh103.4 million a year earlier.

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