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John Mwara retires from Faulu Microfinance Bank

BUSINESS
By Jevans N. Miyungu | August 13th 2014

Faulu Microfinance Bank has announced that its Managing Director, John Mwara will exit the firm after eight years at the helm.

In December 2013, Old Mutual Group acquired a majority stake in Faulu. It said it has been engaging Mr Mwara to maximise and enhance the benefits of the integration between Old Mutual and Faulu Microfinance Bank. “Following a mutual agreement, Mwara has now retired from the bank,” said the Chairman of the Board, Mr Peter Muthoka.

In his place, the board has appointed Charles Njuguna in an acting capacity. Njuguna has served as the finance director at Old Mutual for the last five years and has been on secondment in Faulu for the last four months.

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