KCB Group has confirmed Paul Russo as the new Managing Director of National Bank of Kenya noting that the decision follows approval from the Central Bank.
Wilfred Musau who has been the Managing Director of National Bank of Kenya has now been redeployed to a new role at KCB to support the integration of the two lenders.
Last month, KCB named the head of regional business Paul Russo as the managing director of National Bank of Kenya to oversee the integration of the lender into KCB following completion of the merger.
However, the Competition Authority of Kenya while approving the merger deal put a caveat on any downsizing exercise saying at least 90 percent of the merged entity’s work force should not be retrenched for a period of 18 months.
The lender says the latest decision follows approval of the human resource changes by the Central Bank.
KCB commenced the integration process two weeks ago after receiving approvals. During the integration period that is expected to be completed in 24 months, KCB is targeting to streamline human resources, systems, processes and procedures to fully realize the value of the envisioned combined efficiencies and productivity synergies post the acquisition.
KCB Group CEO Joshua Oigara is assuring NBK customers that they will continue to receive services throughout the integration period.
KCB further expects that the national bank board of directors will be reorganized in the coming weeks to provide guidance during the integration period.