Standard Chartered Bank Kenya, the country’s third biggest lender by market share has tapped a local insider as CEO as a replacement to Lamin Manjang, a sierra leonean whose five-tenure comes to end before March 2019.
The Nairobi bourse-listed lender said Friday Dec 28 that it had tapped Mr. Kariuki Ngari as CEO and Managing Director.
Mr Ngari has over 23 years of experience. His immediate former assignment was in Singapore where he had been serving as Standard Chartered Bank Group’s Head of Service Quality in group retail banking.
He started his banking career at Stanchart Kenya in 1994, and then moved to Barclays Bank of Kenya in 2001 where he served as retail banking director.
He re-joined Stanchart in 2009 as head of consumer banking in Kenya and East Africa. He successfully led the franchise to commercial and industry success, earning him a promotion to the role of Regional Head of retail banking Africa in 2013.
The board of Standard Chartered Bank Kenya Limited is pleased to announce the appointment of Mr Kariuki Ngari as the CEO and Managing Director of the company subject to regulatory approval,” the firm said in a statement today Dec 28.
Meanwhile, the Board and Management of Standard Chartered Bank Manjang as Chief Executive Officer (CEO) Nigeria and West Africa.
Manjang succeeds Bola Adesola who was Nigeria CEO for the bank.
Adesola was also appointed as Senior Vice-Chairman, Africa effective immediately following statutory and regulatory approvals.
Manjang joined the bank in 1999 and has over the past 19 years, built up extensive experience including ben cluster CEO for Kenya and East Africa, and CEO in Oman, Uganda and Sierra Leone.
Regional CEO, Africa and Middle East, Standard Chartered Bank, Sunil Kaushal said: “In Africa and Middle East we have made investments in our people both in their career and personal development, and continue to support our People Strategy to build a high-performance culture through an integrated approach to talent and succession planning. These changes ensure a smooth and orderly succession which will allow us to continue our unrelenting focus on delivering our strategy and capturing opportunities across the region”.
Mr. Kariuki joins the Kenyan unit at a time net profit for the nine months ended September rose by a third to Sh6.3 billion on higher revenue from government securities, fees and commissions and a fall in provision for bad loans.