3 November 2012

Kenya: Kiboro Replaces Muya As Family Bank Chair

Former Standard Chartered Bank chairman Wifred Kiboro has replaced Titus Muya as Family Bank chair, with a promise to rapidly grow the bank's capitalisation.

"I know we are short of capital but certainly no shortage of brains to grow the bank to join the ranks of the biggest in the country," said Kiboro.

He said the bank has choices ranging from raising capital through an initial public offer, a rights issue or direct borrowing to expand its presence in the region and diversify its product range.

While making the announcement, the 70-year old outgoing family bank founder and chairman Titus Muya said he wanted to let someone else chart the next phase of the banks growth.

Muya has served the bank since its inception as a building society 28 years ago, first as chief executive for 22 years and 6 years as chairman.

He leaves the bank having overseen it grow its asset base to Sh35 billion, 67 branches, 1.2 million customers and a staff team of 1,200.

"I leave confident that the bank is on course to expand its footprint into the region including Somalia," Muya said.

Muya has written his autobiography expected to be published within the next two years, with a large chunk of the book dedicated to his experiences at Family bank.

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