Sunday, June 19, 2011

Former KCB manager heads to Family Bank as chief executive

By JUSTUS ONDARI, [email protected]

Former Kenya Commercial Bank deputy chief executive officer Peter Maina Munyiri has been snapped up by Family Bank after quitting his new position at the country’s biggest bank by branch network.

Mr Munyiri who left KCB less than two weeks ago after being appointed the chief business officer for Kenya, under the ongoing reorganisation, is expected to be introduced by his new employer on Monday.

“I cannot confirm now yet. We are still talking to him and we hope to conclude by Monday (today) morning then we’ll address the media in the afternoon,” Family Bank chairman Titus Muya told the Nation on phone.

Mr Muya, who is also the institution’s founder, added: “Yes we have reached out to him, but we are still clearing a few things before we are sure. I cannot say ‘yes’ now.”

Mr Munyiri, who has held senior positions at Barclays, Standard Chartered and Co-operative Bank of Kenya, is expected to replace Mr Peter Kinyanjui, who joined the institution on August 1, 2005 as the business development manager before rising through the ranks to become its chief executive.

After announcing on June 2 that Mr Munyiri had been assigned to the position of chief business officer, Kenya, under the bank’s new organisational structure, KCB CEO Martin Oduor-Otieno released another statement on his departure on June 7.

“I wish to confirm that Peter Maina Munyiri and David Thuo have opted to leave the bank under its voluntary early retirement programme to pursue other interests and the Board has accepted to release them with immediate effect,” he said.

An alumnus of the World Bank Training Institute in Washington DC, Mr Munyiri holds a Bachelor of Arts degree in Economics from the University of Nairobi and an MBA in Strategic Management.

Family Bank, which started as Family Finance Building Society in 1984 before converting into a full-fledged bank in May 2007, has found itself in the shadow of its one time peer Equity Bank in terms of profitability, branch network and regional expansion.