Standard Chartered picks ex-CEO Etemesi to its board

Former Standard Chartered CEO Richard Etemesi. FILE PHOTO | NMG
Former Standard Chartered CEO Richard Etemesi. FILE PHOTO | NMG 

Standard Chartered Kenya #ticker:SCBK has appointed its former chief executive Richard Etemesi to its board.

The tier one lender in a statement said Mr Etemesi, who served as the bank’s CEO and area manager for East Africa between 2006 and 2013, replaces Angarai Dorairajan who has resigned from the position.

“StanChart Kenya is pleased to announce the appointment of Mr Etemesi as a non-executive director of the company. The appointment is effective October 9,” the lender said in a notice.

Mr Etemesi was replaced as StanChart Kenya boss four years ago after his promotion to head the lender’s South African unit as well as Zambia, Zimbabwe, Botswana and Mauritius.

This move made Mr Etemesi, who has over a quarter decade experience in the banking industry, one of Kenya’s highest ranking executives in a multinational bank.

The banker, 55, has held this position until two months ago when he was appointed the vice-chairman Africa for Standard Chartered Plc, “responsible for supporting the execution of the bank’s strategic intent within the region”.

Mr Dorairajan, who is based in Dubai, is the head of commercial banking business across 16 markets in Africa and Middle East. He has been a StanChart Kenya non-executive director since January 2016.

“He resigns as a non-executive director due to business exigencies and to concentrate more on his group role,” StanChart Kenya said.

Mr Etemesi joins the StanChart Kenya board at a time when the local banking industry is making do with lower revenues following the enactment of interest rate capping laws a year ago.

The lender is currently looking to diversity its revenue sources from traditional interest earnings, which dropped 8.06 per cent to Sh9.16 billion in half-year period ended June.

The lower interest income saw the lender’s net earnings for the six months to June drop 34.4 per cent to Sh3.4 billion compared to Sh5.2 billion made in a similar period a year earlier.