KCB Group Plc has appointed Annastacia Kimtai as the Managing Director of the group’s Kenyan unit; KCB Bank Kenya Limited. Annastacia who has been serving as the Retail Banking Director since 2011 with the bank was in December 2022 appointed as the acting as the Managing Director of the Kenyan Unit.
This is the first time KCB Group is separating the operations of the Kenyan Banking unit from the roles of the CEO, a move the company states is in line with prudential regulations on corporate governance set by the Central Bank of Kenya. Other Tier I lenders have been following this regulation, albeit starting much earlier than KCB.
The appointment was communicated by KCB Group CEO, Paul Russo, through an internal memo, prior to a public announcement which should be communicated to the Capital Markets Authority, Shareholders and the Central Bank of Kenya within the week.
“I take this opportunity to congratulate Annastacia Kimtai on this appointment and request that we all accord her all the support to execute her mandate, the changes are aligned to the expectations of the CBK prudential guideline on corporate governance. The introduction of the position of managing director KCB Bank Kenya is to help drive the Kenya business and free up the Group CEO to focus on accelerating the Group expansion agenda.”
Paul Russo, KCB Group Plc CEO.
Annastacia Kimtai’s Long History with KCB Group.
Annastacia Kimtai holds a Bachelor’s degree in Economics and Arts as well as a Master’s degree in Arts from Agra University in India, has worked with KCB Group for over two decades. She commenced working at a lender’s officer in Mombasa in 1999. In 2009, she was promoted to branch manager and subsequently served in a regional capacity from 2009 to 2011 before assuming the position of Regional Director, which she held until being appointed as KCB Bank Kenya Managing Director.
The move by KCB Group Plc will allow the CEO Mr. Paul Russo to focus more on regional expansion, with the first target market possibly being Ethiopia, which the company has for long expressed interest in.