National Bank Appoints New CEO: What is in the Bank’s Future?

Mr. Wilfred Mutuku Musau has been appointed as the new Managing Director and Chief Executive Officer of the National Bank of Kenya (NBK).

Mr. Wilfred Mutuku Musau has been appointed as the new Managing Director and Chief Executive Officer of the National Bank of Kenya (NBK).

The appointment was made by the Board of Directors of NBK, and Mr.Musau is set to manage the bank for a term of five years. Prior to this, Musau had been appointed as the acting CEO in April this year.

Being the acting CEO of the bank, Musau held the position to the satisfaction of the Bank’s Board as demonstrated by his stable stewardship of the banks operations through a difficult half of 2016. He joined NBK in September 2015 as the director in Charge of Retail and Premium Banking division.

The appointment of Mr. Musau comes at a time National Bank is in a storm punctuated by declining earnings, capital inadequacy, mounting volume of bad loans, and corporate governance queries.

Musau has taken over Munir Ahmed who was sent home early this year on the eve of the Bank’s announcement of a surprise net loss of 1.15 billion shillings for the period to December 2015, from a net profit of 2.25 billion shillings in the nine months ended September 2015. Mr. Ahmed had earlier on been sent on compulsory leave alongside five other senior executives pending investigations.

NBK stakeholders and the general public have been assured that everything will still be on track as usual as the Bank strives to achieve its strategic ambitions. The Board of Management stated that the bank will continue to focus on enhancing customer value propositions, developing an effective sales model, prudent expansion of distribution network, centralization and automation of service delivery, enhancing the banks risk management capabilities and diversifying the banks product portfolios.

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