KCB Group Plc has given immediate former National Bank of Kenya (NBK) CEO Wilfred Musa a new undisclosed role preventing a possible fallout.
Musau had earlier protested his removal following the successful deal by KCB to buy NBK. In the absence of his new role, the confrontation that would have ensued would have dirtied the buyout.
“The the outgoing NBK MD and CEO has been assigned a new role at KCB Group to support the integration,” said KCB Group in a statement.
The new man to lead the bank is Paul Russo, appointed as the Managing Director of National Bank of Kenya, following an approval by the Central Bank of Kenya.
Russo was previously the KCB Group Director of Regional Businesses and previously served as KCB Group Human Resource Director.
“KCB commenced the integration activities from September 6, 2019 with a plan to fully integrate NBK into KCB within the next 24 months,” the statement added.
During the integration period, KCB will work towards streamlining human resources, systems, processes and procedures to fully realize the value of the envisioned combined efficiencies and productivity synergies post the acquisition.
“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.