By James Anyanzwa
Former Nation Media Group CEO Mr Wilfred Kiboro has been elected Chairman of the Board of Directors of the Standard Chartered Bank Kenya Ltd.
Kiboro, 64, takes over from Mr David Njoroge who has been at the helm for 13 years.
Kiboro was appointed the bankÃ¢€™s non-executive director on April 2007.
"IÃ¢€™m from today leaving the board of the bank and I must say that I have served a bank that IÃ¢€™m proud of," Njoroge told shareholders at the bankÃ¢€™s Annual General Meeting (AGM) in Nairobi yesterday.
Njoroge, 72, said the year 2009 would be very tough for the banking industry owing to the global economic recession that has dried up cash in the international financial markets.
He projected the countryÃ¢€™s level of economic activities to slow down to a paltry 1.5 per cent far below the GovernmentÃ¢€™s forecast of two per cent.
"2009 will undoubtedly be a very challenging year," he said.
He said SCBK would remain open for business by supporting its clients and taking advantage of emerging opportunities.
Njoroge said whereas 2008 was the year of financial crisis, 2009 will be the year of global recession.
He said Kenya has already started feeling the impact through falling commodity prices, slow down in tourism arrivals and falling remittances from the diaspora, which has been the main support of the housing and construction industry.