NAIROBI, Kenya, Sept 3 – Kenya Commercial Bank’s Group Director of Regional Businesses Paul Russo has been named the designate Managing Director of National Bank of Kenya for the transactional 2-year period of integration into KCB.
Russo will be expected to lead the transition team that will directly report to the KCB Group Chief Executive Officer and Managing Director Joshua Oigara.
The developments come a day after Central Bank of Kenya approved the planned acquisition of 100 percent stake in National Bank in an offer to shareholders which closed on Friday August 30, 2019.
The CBK approval followed the one by the Competition Authority of Kenya which last week granted approval to East Africa’s largest bank by assets to finalize the deal.
“We have received a good indication from NBK shareholders and we shall announce the official results within the legally stipulated timelines so as to get into the next steps of the transaction,” said Oigara adding that KCB Group has embarked on verification of the returns by the shareholders.
It is anticipated that upon acquisition, National Bank will continue to operate as a subsidiary of KCB Group for a maximum period of two years.
Also read: CBK okays NBK buyout by KCB