By Mark Kapchanga
Nairobi, Kenya: Consolidated Bank of Kenya board is engaged in a power struggle that could affect the operation of the State-run outfit. Divisions within the bank’s top-decision makers have not hidden their stand on the appointment of Geoffrey Mwanga Ndambuki, who emerged top in the interview, as the bank’s next chief executive.
The State holds a majority shareholding of 51 per cent in the bank through the Deposit Protection Fund. The remaining shareholding is spread over 25 parastatals and other State-controlled bodies.
CBK clearance
Ndambuki, a former director at the Gulf African Bank, had a total weighted score of 49.05 out of the total 52.8. He was followed by Thomas Kipkemei Kiyai, the acting Chief Financial Officer at the Kenya Commercial Bank, with a score of 47.8.
Kennedy Ouko Onyango, the Executive, Corporate and Investment Banking at CfC Stanbic Bank, had 46.9. George Kipkoech Rutto, head of internal audit at Consolidated Bank, emerged fourth with 44.05.
Sources familiar with the process, which started in April last year, say 61 candidates applied for the job. Out of this, the board forwarded four names for vetting by the Central Bank.
Rutto was dropped and names of the top three candidates forwarded to the National Treasury Cabinet Secretary Henry Rotich on June 27, 2013.
Opponents of Ndambuki’s choice say he failed to satisfy the requirements of Chapter Six of the Constitution of Kenya on leadership and integrity.
However, Ndambuki, in an interview with The Standard, said he “perfectly fits the requirements of the job”, which, he claims, had attracted “huge selfish interests”.
The new chief executive replaces Ndegwa Wachira, who had been at the helm of the bank for three terms.
