I&M Group has promoted I&M Bank Kenya CEO Kihara Maina to regional Chief Executive. The financial services group has operations in five countries – Kenya, Tanzania, Rwanda, Uganda and Mauritius.
Maina replaces Chris Low as the regional CEO. Low’s 2-year stint had seen I&M continue its expansion in the region – including its 2021 entry into Uganda with the Ksh3.6 billion acquisition of a 90% stake in Oriental Bank Limited. I&M credited Low with driving regional growth, and tasked Maina with further accelerating it.
Maina joined I&M Bank Kenya as CEO in May 2016. Prior to joining I&M, he spent six years as Managing Director of Barclays Bank Tanzania.
“The transition offers continuity in the business as Mr Maina takes over responsibilities previously handled by Mr Low that was instrumental in setting up the foundation for the Group’s regional infrastructure that has been crucial in driving the Bank’s regional ambition,” I&M noted in a statement confirming the changes.
In Q3 2022, I&M Bank posted a Ksh7.1 billion net profit, up 24.1% from the Ksh5.7 billion posted in the same period last year. The group’s regional subsidiaries posted double-digit growth year on year.
Gul Khan will take over from Maina as CEO of I&M Bank Kenya. Khan is a seasoned financial services executive who since 2019 has served as the Group head of Airtel Money Africa – Airtel’s mobile money service.
Between 2018 and 2019, Khan established and ran Fintech Explicatus, a UAE-based fintech investment and advisory business. Prior to that, he spent almost two years as Chief Retail Banking Officer at Doha Bank.
He has previously held senior roles at Gulf Bank and ADIB, in addition to a 13-year stint with HSBC.
Khan held several roles during his time at HSBC, including Global Head of Retail Banking and Wealth Management at HSBC Amanah, HSBC’s Islamic retail banking and wealth management business.