The fastest growing bank in Kenya, Sidian Bank, has appointed John Okulo, currently the Director of Corporate Banking at KCB Bank Kenya, as its new Managing Director and Chief Executive Officer effective 1 May 2026, subject to regulatory approval.
- •He succeeds Chege Thumbi, who retires on 30 June 2026 after nine years at the helm.
- •Thumbi leaves with the strongest results in the bank's 40-year history: a sixfold profit jump to KSh 1.73 Bn, total assets surging past KSh 90 Bn, and the Tier 2 reclassification he was originally hired to deliver.
- •Okulo brings 28 years of banking experience spanning Standard Chartered, Stanbic Bank Uganda, CBA (now NCBA), and KCB.
Okulo founded and scaled NC Bank Uganda from a greenfield operation into a fully operational commercial bank. At KCB, he oversees one of East Africa's largest corporate banking portfolios, covering mid-to-large corporates and public sector entities, the client segment that now drives Sidian's balance sheet.
Thumbi's mandate on joining in August 2017 was achieved six years behind schedule, but in a manner that exceeded the original ambition: total assets nearly quintupled from KSh 19.30 Bn during his tenure, the branch network grew from 30 to 50, and the trade finance portfolio expanded by over 600%.
The transition completes a wholesale governance reset at the lender. In October 2025, former Cabinet Secretary, and one-time MD of NIC Bank, James Macharia replaced Centum CEO James Mworia as board chairman, three new independent directors were appointed. Centum itself exited entirely in March 2026 after 25 years as the dominant shareholder.
Government securities now represent 54.0% of the lender's total assets while loans have fallen to 30.3%. The deposit base leans heavily on institutional mandates that are policy-driven rather than relationship-driven. The Nairobi County banking arrangement is drawing political and legal scrutiny, with a constitutional petition pending before the High Court and the fee structure for the proposed revenue collection partnership still undisclosed.
Read more on Sidian Bank's incredible growth >>>>
