Consolidated Bank gets chief executive after 2 years
What you need to know:
- Mr Geoffrey Ndambuki, who had been appointed by the Treasury to head the lender went court in January 2014 seeking to compel Consolidated Bank chairman Benson Ateng to allow him take up the CEO’s post.
Consolidated Bank has finally got a new chief executive officer, putting to an end a long search that has seen the lender run without a substantive boss for two years now.
The state-owned lender has tapped former Kenya Commercial Bank director of financial planning and control Thomas Kipkemei Kiyai to replace long-serving Ndegwa Wachira, who retired in 2013 after a decade at the helm.
Mr Kiyai’s appointment brings to an end a protracted search for a new head that saw a previous Treasury appointee go to court after being barred from accessing that bank.
Mr Geoffrey Ndambuki, who had been appointed by the Treasury to head the lender went court in January 2014 seeking to compel Consolidated Bank chairman Benson Ateng to allow him take up the CEO’s post. The case was, however withdrawn, paving the way for the recruitment of a new head to drive the lenders growth plans.
“Going forward, we will focus on growing and defining more innovative solutions for our clients and grow our presence particularly in the growing Internet and mobile banking space,” Mr Kiyai said.
The Treasury has previously floated plans to privatise the lender either through an initial public offering or sale to a strategic investor but the board has leaned towards listing on the Nairobi Securities Exchange.
