Francis Atwoli out of National Bank board after 16 years as KCB names new board

In a reshuffle, KCB Group has sent home almost the entire former board of National Bank of Kenya (NBK) few weeks after acquiring the troubled lender.

Consequently, KCB tapped NSSF board of trustees chairman and ex-KDF boss Julius Karangi and Treasury’s acting director general in charge of public investments and portfolio management directorate Stanley Kamau to its board of directors. KCB Group chief executive Joshua Oigara and NBK managing director Paul Russo have also joined the board.

The board shakeup means Central Organisation of Trade Unions (Cotu) secretary-general Francis Atwoli becomes the latest highest-ranking victim of the takeover after serving on the NBK board for 16 years. Atwoli joined the banks’ board in 2003 representing workers’ interests in the bank.

Also axed from the board is former NBK Board chairman Mohamed Abdirahman Hassan while those retained at the new board include Linnet Mirehane and Jones Makau Nzomo. Former NBK MD Wilfred Musau was replaced last month by Mr Russo.

KCB Group is shaking up its board of directors in the latest effort to regain the loss-making NBK shareholders’ trust and revamp its business following successive years of troubles.

The acquisition was promoted as a rescue deal aimed at pulling NBK out of its perennial low liquidity troubles.