Tuesday, June 07, 2005

Banking News

The New head of the African Development bank ADB will be elected on 22. This was after USA and France combined to scuttle Nigeria’s bid for the presidency - according to the Business Day (SA) newspaper. Donors threw their weight behind the Rwandan candidate, Donald Kaberuka. Kaberuka met the criteria on total votes polled but did not meet the regional vote percentage required, while Bisi Ogunjobi, the Nigerian candidate, likewise met the criteria on regional votes but missed that of the total votes polled. According to the East African (Kenya), most countries are determined that the president should not be from a French speaking country.

- Kenya Commercial Bank will begin offering Western Union services at all branches soon.

The European Investment Bank (EIB) has opened the first of three first regional office in Sub-Saharan Africa in Nairobi – to cover Central And East Africa.

National Bank of Kenya is carrying out a retrenchment package that will cost over 80 million shillings ($1m). It is being done in three phases: employees who are over 50 years, followed by non-performing staff. After that it will be voluntary retirement for anyone wishing to leave the Bank.

Executive Changes
- NIC Bank has a new Managing Director James Macharia.

- Robert Barry, the CFC Group MD has resigned for personal reasons.

- Mr Albert Ruturi, the Chief operating officer at KCB is retiring. The Bank, which is searching for a deputy CEO, has placed an advertisement in the Economist magazine, leading to the possibility that a non-Kenyan will be picked.


Anonymous said...

Shouldn't the non-performing staff be retrenched first then the 50 year+? And why kick out a hardworking, honest & experienced 50 year old instead of a lazy & dishonest 30 year old?

bankelele said...

older workers cost more in terms of their salary package (perks, family size, medical costs, seniority) than younger,newer workers

lwandamagere said...

Older workers cost more but isn't that because of the value of their experience? It seems to me that placing younger inexperienced folks to run companies is a recipe for disaster in the medium term despite the short-term cost savings...


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