The Board of Directors of Consolidated Bank has appointed Mr Sam Muturi as the bank’s new Chief Executive Officer (CEO).
“Mr. Sam Muturi has over 25 years’ working experience in Banking and Strategy and has gained valuable Leadership experience. The Board is confident of his capabilities to steer Consolidated Bank towards strategic growth. The Bank is committed to meet the needs of its Customers and Stakeholders at large; a pillar we do not doubt shall be surpassed by Mr. Sam Muturi. The Board of Consolidated Bank warmly welcomes Mr. Sam Muturi and reassures him of our support in delivering his mandate,” the bank said in a statement signed by board chairman Peter Musei.
Mr Muturi is a former KCB Bank group director for mortgage business.
The lender recorded a Ksh157 million half-year loss in the six months ended June 2022, sinking it deeper into the red.
The bank’s core capital fell to Ksh230.2 million in the six months from Ksh631.4 million against the Central Bank of Kenya’s recommended threshold of Ksh1 million.
Non-interest-related expenses reached a high of Ksh846.7 million against revenues of Ksh698.4 million, pushing the accumulated losses to Ksh3.5 billion.
The Bank was incorporated in 1989, as a result of the merger of nine insolvent financial institutions.
The National Treasury holds a majority 93.4 per cent stake in the bank having converted Ksh.1.6 billion debt in the lender into shares.
Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]