KCB CEO Joshua Oigara Quits: Kenya Commercial Bank (KCB) Group Chief Executive Officer Joshua Nyamweya Oigara will exit the lender this week, six months ahead of his scheduled exit. Oigara, who has served the lender for close to 10 years, took over the leadership on January 1, 2013, and was due for official retirement on December 31 this year.
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The 47-year-old CEO is Kenya’s second-highest-paid executive receiving Ksh22 million per month. Mr Oigara has seen the profits of KCB grow from Ksh14.3 billion in 2013 to Ksh34.2 billion net profit as of December 31, 2021, riding on an economic recovery across markets.
Currently, the group has over 26.8 million accounts and 4,900 employees in 222 branches with Kenya leading with 178 branches, 20 in South Sudan, Tanzania 12, Uganda 14, Rwanda 11 and Burundi with one.
The group successfully completed the acquisition of BPR Rwanda on July 31, 2021, and Oigara kicked off integration activities that will see the amalgamation of the bank and KCB Rwanda into single banking business.
Oigara holds a Bachelor’s degree in Business Administration and a Master’s degree in Business Administration in Strategic Management and Investments from Edith Cowan University in Australia.
In his place, the National Bank of Kenya CEO Paul Russo will take over in an acting capacity, even as the board seeks to recruit a substantive CEO.
Paul Russo was appointed NBK managing director on September 20, 2019, and tasked with the integration of NBK and KCB. Before then, he worked at KCB as the Director of Regional Business and as the Group Human Resource Director.
He has previously worked for Barclays Bank, PriceWaterhouseCoopers (PWC), K-Rep Bank and Unga Limited.