Former CEO of Nation Media Group joins Diamond Trust Bank as Non-Executive Director

Mr. Linus Gitahi, the former Chief Executive Officer Nation Media Group has joined the board of Diamond Trust Bank (DTB) as non-executive director.

The bank said that Mr. Gitahi and Guedi Ainache would become additional non-executive which was effective 5th April, in a notice to the Nairobi Securities Exchange (NSE).

Mr. Linus Gitahi holds directorship in several other companies, including Home Afrika where he is the chairman. He is also the co-founder of Oxygène Marketing Communications and the chairman of Tropical Brands Afrika.

Mr. Ainache on the other hand has previously worked with French sovereign wealth fund PROPARCO in Paris as a senior investment officer. He currently sits on the board of TPS Eastern Africa.

Recently Diamond Trust Bank (DTB) reported a rise in Profits of 17 percent to 7.7 million Kenyan shillings for the financial year 2016 shrugging off the effects of the interest rates caps.

The bank is in the process of acquiring Habib Bank in a 1.8 billion Kenyan shillings share swap deal that is expected to be completed in July this year. The acquisition of the Habib Bank is expected to expand the market shares of the merging Banks.

Diamond Trust Bank will be using its shares to compensate the owners of Habib Bank who will be allotted a 4.75 percent stake at a price of 137.39 Kenyan shillings for each of the 13.2 million ordinary shares.

DTB will use its own shares to compensate owners of Habib who will be allotted a 4.75 per cent stake at a price of Sh137.39 for each of the 13.2 million ordinary shares.

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Written by Amina Martha.