With even strong opposition from a section of the civic society, KCB Group PLC is set to take up control of the National Bank of Kenya (NBK) and has upped the ante by naming the transition Managing Director.
In a statement issued this morning, KCB Group Director of Regional Businesses Paul Russo is set to assume the role of National Bank of Kenya Managing Director for a period of two years to oversee the full integration of NBK with KCB.
Paul Russo will lead the transition team that will report to the KCB Group Chief Executive Officer and Managing Director Joshua Oigara.
The developments come a day after the CBK gave the go-ahead to KCB to fully acquire NBK in a deal which is continuing to raise questions while KCB has chosen to fully ignore the cries of those questioning the deal.
Members of parliament opposed the deal and questioned if Kenyans who are the major shareholders in NBK would get value for money in the deal. KCB chose quiet while Treasury which was being headed by a man tainted with corruption came out to defend KCB like the bank couldn’t defend itself.
In June, a group of Kenyans went to court to oppose the acquisition which has been pushed through without clear answers to the protests. The deal might just be as bad that of Telkom Kenya which never recovered since the privatisation some years back.