The Board of National Bank of Kenya (NBK) has appointed an insider Peter Kioko as the acting Managing Director for the lender, effective June 10, 2022.
Mr Kioko has been NBK’s director of finance and strategy and he rplaces Paul Russo, who was named KCB Group PLC Chief Executive Officer on May 25, 2022. He joined the bank in 2016.
Announcing the appointment, Mr Russo: “KCB Group is delighted to have Peter steer National Bank to greater heights. Peter has played a pivotal role in driving the transformation of National Bank. Hence his appointment reflects our commitment to continue strengthening the business.”
In the full year ended December 2021, NBK posted Kes1.1 billion net profit, representing a 431 percent increase from 2020, driven by increased income from loan interest and foreign exchange trading, coupled with lower loan loss provisions.
He brings to this new role, over 25 years of cumulative financial management experience having served in an array of leadership roles in various local and international organizations.
This includes East African Breweries Group Limited as the head of risk and audit, Stanbic Bank as the Finance Manager – Corporate and Investment Banking as well as Kenya Shell / BP Limited as the Group Financial Controller.
Peter holds a Bachelor of Commerce (Accounting Option) from the University of Nairobi, a Post Graduate Diploma from the University of Bradford, and is a Certified Public Accountant and so a member of ICPAK.