Sidian Bank new Chief Executive turned around Credit Bank growing it by 277pc

July 3, 2017 (4 weeks ago)
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During Karanja’s tenure as the CEO, the Bank rebranded from KREP Bank Limited to Sidian Bank in a move that was meant to reposition it as an organisation focused on entrepreneurs.

, Nairobi, Kenya, Jul 3 – The Board of Sidian Bank has appointed Chege Thumbi as the new Chief Executive Officer taking over from Titus Karanja from August 1, 2017.

Chege Thumbi, who boasts of over 25 years experience in senior management positions, is currently the Chief Executive Officer of Credit Bank.

He is credited with turning around the Bank from a loss-making tier 3 lender in 2015 to post a 277 percent growth in profit for the financial year ending December 2016.

Mr. Thumbi has held senior positions in other banks like Barclays Bank, ABN Ambro, Commercial Bank of Africa, Citi Bank and NIC Bank.

Karanja’s resignation effective July 31, 2017, was announced on the 29th of June 2017 in a memo sent to management and staff of the Bank by James Mworia, Chairman, Sidian Bank.

“I would like to advise you of Mr. Titus Karanja’s resignation from the role of Chief Executive Officer effective July 31, 2017,” reads part of the memo.

During Karanja’s tenure as the CEO, the Bank rebranded from KREP Bank Limited to Sidian Bank in a move that was meant to reposition it as an organisation focused on entrepreneurs.

READ: Credit Bank grows profit by focussing on non-interest income

“In the two years that Mr. Karanja has led the bank, he has played a critical role in its transition following the acquisition of majority shareholding in the Bank by Centum Investment company in August 2014,” says Mworia.

Thumbi is expected to steer Sidian to profitability after posting a Sh55.5 million loss in the first three months of 2017.

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