Paul Russo has been appointed by the KCB Group Plc as the designate managing director for the National Bank of Kenya (NBK).
Russo is the current KCB Group Director of Regional Businesses and he will now be tasked with managing NBK for the transitional 2-year period of its integration into KCB, subject to fit and proper approval by the Central Bank of Kenya (CBK).
“We are confident that we shall conclude this process shortly following the receipt of the necessary approvals. We have received a good indication from NBK shareholders and we shall announce the official results within the legally stipulated timelines so as to get into the next steps of the transaction,” KCB Group MD Joshua Oigara said in a statement.
“We have set a target to fully integrate NBK into KCB in 24 months from acquisition. During that period, we will be taking a number of integration decisions including how to best structure NBK in order to more excellently deliver value to our customers,” said KCB CEO Joshua Oigara.
On Monday, the Central Bank of Kenya (CBK) approved the acquisition of 100 percent shareholding of National Bank Limited (NBK) by KCB Group PLC.
The acquisition of the National Bank of Kenya (NBK) by KCB is set to close out in October this year with the pair having just closed out on a 10:1 share-swap affair which priced NBK at a discounted Ksh.5.6 billion.
Paul Russo holds two bachelor degrees in business management and administration from the Moi University and a Masters degree in strategic management from the Strathmore Business School.