Family bank Managing Director serves notice to leave in June

NAIROBI, KENYA:  Family Bank has announced that its Managing Director Peter Maina Munyiri has given notice to leave the bank at the end of his 5 year contract in June 2016. 

According to the Bank’s board of Directors, Mr. Munyiri will continue to serve as the Managing Director and CEO of the bank until then. This will enable the bank to identify a suitable replacement and facilitate a smooth transition period.  

“Mr. Munyiri has for the past five years – spearheaded a major successful transformation of the Bank, realizing unprecedented financial performance. The Bank has achieved a five-fold increase in profits – from Sh502Million in 2011 to past Sh3 billion in 2015 and quadrupled its assets over the same period – currently at Sh82 billion,” says Board’s Chairman, Mr. Wilfred Kiboro .

He added that the Bank has also been cited as among the success stories of home-grown companies both locally and internationally and the brand visibility and positioning completely stands out. The staff numbers have grown to 1880 from 780 when he joined in 2011 in line with the fast growth of business. 

Under Mr. Munyiri’s stewardship for that period, the bank won many accolades including the fastest growing bank three years in a row and the Best Bank to work. In just under five years, the Bank has positioned to the top ranks of the banking sector on the strength of executing a very well thought out transformative Growth strategy. 

“We will embark on the process of choosing a successor over the next six months who will guide the bank further in this ambitious growth trajectory” noted Mr Kiboro

Speaking about his impending retirement Mr. Munyiri said; “The five years accorded and the support from our board of Directors has enabled my management team to meet the ambitious targets set by our shareholders. We have demonstrable proof what an indigenous bank can achieve within a short period backed by solid principles and guidance.”

Business
Premium Financial hardships dampen Easter celebrations among Kenyans
Business
Premium Water PS Korir put on the spot over Sh14m dam land
Business
Premium Looming crisis as top lenders stare at Sh500b in bad loans
Business
Premium Ruto's food security hopes facing storm amid fake fertiliser scam