Standard Chartered Bank Kenya Ltd. named Birju Sanghrajka as its next chief executive officer, succeeding Kariuki Ngari who is retiring after leading a multi-year digital overhaul of the lender’s operations.
Sanghrajka, currently the head of corporate and investment banking for the Kenya unit, will take over the top role on April 16, subject to regulatory approval, the bank said in a statement Wednesday. Ngari will step down after a 24-year career at the London-headquartered bank.
The transition marks a leadership change for one of Kenya’s most established international lenders at a time when the industry is pivoting toward digital-first retail banking and wealth management. Under Ngari’s five-year tenure as CEO, the bank transitioned more than 90% of its transactions to digital platforms across its retail and corporate divisions.
Since taking the helm in 2019, Ngari prioritized a shift away from traditional savings-focused retail banking. He oversaw the expansion of the bank’s wealth management arm, growing assets under management to match the lender’s deposit levels.
“Kariuki leaves a strong legacy of performance and purpose,” Sanghrajka said in the statement. He noted he intends to leverage the bank’s global network to support “Kenya’s growth story.”
The appointment of Sanghrajka signals a preference for internal continuity. A veteran of the bank with 26 years of experience, he has held senior roles across the U.K., South Africa, and the United Arab Emirates. He has served as an executive director on the Kenyan board since July 2021.
Standard Chartered Kenya Chairperson Kellen Kariuki credited the outgoing CEO with delivering “strong financial outcomes” and accelerating the lender’s sustainability agenda. During Ngari’s term, the bank’s flagship Nairobi Marathon saw record participation and fundraising for its “Futuremakers” initiative.
The leadership change comes as Kenyan banks navigate a high-interest-rate environment and increasing competition from mobile-money platforms. Sanghrajka will be tasked with maintaining the bank’s digital momentum while defending its market share in the corporate and investment banking space.
Leave a comment