Following acquisition approval early this month , National Bank of Kenya (NBK) will soon be Kenya Commercial Bank (KCB).
KCB Group Plc as the bank taking over has taken note of the appointment of Paul Russo by the Board of the National Bank of Kenya (NBK) as the new Managing Director, following an approval by the Central Bank of Kenya (CBK).
Now Mr. Russo will lead the integration of NBK into KCB, taking over from Wilfred Musau, the outgoing NBK MD and CEO who has been assigned a new role at KCB Group to support the integration.
On Thursday, the CBK gave a fit to serve approval for Mr Russo who is the KCB Group Director of Regional Businesses and previously served as KCB Group Human Resource Director.
Having received all requisite approvals, KCB commenced the integration activities from September 6, 2019 with a plan to fully integrate NBK into KCB within the next 24 months.
During the integration period, KCB will work towards streamlining human resources, systems, processes and procedures to fully realize the value of the envisioned combined efficiencies and productivity synergies post the acquisition.
It is expected that the NBK Board will be reorganized in the coming weeks and will provide guidance during the integration period.
Customers with accounts at NBK will be advised next as the integration comes to an end.
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