4 January 2014

Kenya: President Uhuru Appoints New Consolidated Bank Chairman

President Uhuru Kenyatta has appointed Benson Akong'o Ateng as the Consolidated Bank of Kenya chairman.

Ateng', who is a PhD holder in economics, was appointed via a Kenya gazette notice that appointed 26 parastatal chiefs. The appointment takes effect from January 14, 2014.

Ateng' has vast experience in the field of economics gathered while working at the World Bank, in Washington DC, USA. He started off as an economist, senior economist and then lead economist rising to the rank of country manager. During that period, he worked in a number of countries in Africa, South Asia, East Asia and the Middle East.

Before joining the World Bank, Ateng' worked as a lecturer of economics at the Department of Economics in the University of Nairobi.

Currently, he is the chairman, Department of Economics and Development Studies at the Technical University of Kenya. He joined the university in July 2012.

Consolidated Bank was incorporated on December 7, 1989. This was in an effort to stabilise the financial sector through the acquisition of nine insolvent institutions and thereafter restructuring them into a viable, professionally run commercial bank.

The Bank is fully owned by the government with the majority shareholding in the Bank (51%) held by the Treasury through the Deposit Protection Fund. The remaining shareholding is spread over twenty five parastatals and other government related/controlled organisations.

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