Outgoing NBK boss Wilfred Musau survives the axe as CBK approves Russo

Wilfred Musau, the outgoing MD National Bank of Kenya, is set to take on a new role at the Kenya Commercial Bank.

In a statement released on Friday, KCB said the redeployment will be support integration between the two banks.

Media reports had indicated that Musau was fighting against his removal following the buyout deal.

He had reportedly stated that the announcement of a new MD would be premature alleging that proper processes were not followed.

However, on Friday, the Central Bank of Kenya approved the appointment of Paul Russo as his successor.

“I have full confidence that Mr. Russo will steer NBK in the right direction and succeed in the integration task ahead.

“I wish to assure NBK customers that they will continue to receive enhanced products and services throughout the integration period and that they should rest assured that they are now part of a bigger and stronger family,” said KCB Group Chief Executive Officer and Managing Director Joshua Oigara.

Paul Russo is the current Group Director of Regional Businesses. He previously served as the KCB’S Group Human Resource Director.

CBK approved the 100 percent share capital acquisition of National Bank by KCB Group on September 2.

NBK shareholders have since taken up KCB’s share-swap offer which entailed a bargain of 10 NBK shares for every single one of KCB’s.