NAIROBI, Kenya, Jun 2 – Peter Wanyaga Muthoka has been re-elected the Chairman of KCB Group for another two-year term. The election was held in a special board meeting presided over by Eng Musa Ndetto, a director of the Board.
Mr Muthoka joined the KCB Board in June 2004 and became Chairman in 2008.
In accepting the re-election, he thanked his fellow directors for the confidence they showed in him and pledged to lead the bank to greater heights.
“I am humbled by this re-election which demonstrates the confidence my fellow directors have in my leadership and I pledge to work with both Board and Management in order to achieve better returns for our stakeholders,” he said.
Mr Muthoka said that the Board and Management of the bank were committed to consolidating the business through enhanced operational efficiency, improved employee productivity, increased focus on cost management, great customer care and growth in market share.
“We want to leverage on our large branch network of 210 branches, large balance sheet of Sh220 billion, a state-of-the-art information technology system and high quality talent to enhance stakeholder value,” he added.
Mr Muthoka reiterated KCB’s important role in the integration of the financial system in the region noting that the East African Community has the potential to become a financial hub in sub-Saharan Africa.
“Our new state-of-the-art information technology system which will place all our businesses on one platform can inspire the convergence of the regional financial system and delivery of high quality financial solutions to the market,” he added.
He said the bank was implementing a five-year strategic plan to achieve growth in all customer segments adding that KCB had the potential to become a leader in product and service innovation in the region.
“We want to offer unmatched quality in products and services for the corporate, retail, SME and micro-finance segments of our business,” added the Chairman.
During Mr Muthoka’s first term as Chairman the bank took great strides in entrenching itself in East Africa through an aggressive branch expansion programme that made it the largest bank in the region. KCB also conducted a successful rights issue and implemented the state-of-the-art T24 information technology system in 2008.
Mr Muthoka holds a BA (Hons) degree from the University of East Africa (Nairobi Campus), an MA degree from the University of California, Los Angeles and Bank of England/IMF/WTO/UNESCO course certificates. He has served in senior positions with the Government of Kenya and United Nations-supported projects and at the Central Bank of Kenya. He was the founder Director of the College of Banking and Finance, the founder Chief Executive of the Export Promotion Council and International Trade as well as Managing Director of Sasini Limited.
Mr Muthoka is a Fellow of the Kenya Institute of Bankers and the Kenya Institute of Management. He is the Chairman of KCB Sudan and KCB Rwanda and a director of KCB Bank Uganda Limited, KCB Bank Tanzania Limited and Sasini Limited.
On behalf of other directors, Eng Musa Ndetto congratulated Mr Muthoka on his re-election and pledged the commitment and support of the Board in spearheading the growth of the bank.
Chief Executive, Dr Martin Oduor-Otieno, said Mr Muthoka’s re-election was well deserved and pledged Management’s commitment to supporting his chairmanship.
“The executive team is focused on the business agenda as set by the Board and will continue to support the Chairman and the Board in their stewardship of the bank,” he said.
Meanwhile, Mr Muthoka, Susan Nkirote Omanga and Prof Peter Kiko Kimuyu have been re-elected directors of KCB Group. They were among candidates that stood for election as directors to the KCB Board during the last annual general meeting held on May 7, 2010.
In another development, Samwiri Njuki has been appointed Chairman of KCB Bank Uganda Limited. Mr Njuki, a seasoned banker, has been a member of the KCB Bank Uganda Board since November 2007 and is the former Chairman of the Uganda Securities Exchange. He holds a BA degree and an advanced diploma in the Economics of Banking.
The appointment was announced last week by KCB Group Chairman, Peter W. Muthoka, during a meeting of KCB Bank Uganda Board in Kampala.
Mr Muthoka said the subsidiary had shown great promise and commended the management for their commitment and teamwork.
“This business has a great future in this market,” added the Chairman.