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Kenya

Changes at helm of CfC Stanbic

Nairobi, September 24 – CfC Stanbic Holdings Group has appointed Kitili Mbathi as Managing Director and Regional Director to replace Madabhushi Soundararajan who declared his intention to step down.

Mr Mbathi was previously Regional Managing Director of Stanbic Bank Kenya,Tanzania, Uganda and Mauritius.

“I am pleased to take on this additional role as the Managing Director of the CfC Stanbic Group. I have enjoyed a close working relationship with Soundy (Soundararajan) who has made immeasurable contributions to the banking industry in Kenya. Soundy has been in the fore front of the CfC and Stanbic bank merger transaction that created the fourth largest bank in Kenya and the CfC Stanbic Holdings team highly appreciate his contribution and wish him all the best,” he said of his new appointment:

Mr Soundararajan joined the CfC Group in March 2000 as the Managing Director of CfC Financial Services Company and took up the position of CfC Bank Director for Corporate Banking in October 2002, before becoming overall Managing Director for the bank in June 2005.

Following the merger of CfC Group and Stanbic Bank mid this year, Mr Soundararajan served as Group Managing Director of CfC Stanbic Holdings, encompassing CfC Stanbic Bank, CfC Life, CfC Financial Services and Heritage Insurance.

A statement from the company indicates that he will continue to provide consultancy services to CfC Stanbic Holdings in the future.

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