Manjang exits Stanchart Kenya, Kariuki Ngari named CEO
Standard Chartered Bank Kenya has announced the exit of chief executive Lamin Manjang, bringing to an end his five-year stint at the helm of the Nairobi bourse-listed lender.
The bank said on Friday that it had replaced Mr Manjang with Kariuki Ngari, who has previously held different roles at Stanchart Kenya.
“The board of Standard Chartered Bank Kenya Limited is pleased to announce the appointment of Mr Kariuki Ngari as the CEO and Managing Director of the company subject to regulatory approval,” the firm said in a statement today.
The lender said the changes are expected to take place before March 2019, with Mr Manjang having been appointed CEO of Stanchart Nigeria and West Africa region.
Mr Manjang was appointed Managing Director and CEO of Standard Chartered Bank Kenya on 1 March 2014. Prior to his assignment in Kenya, he was the CEO of Standard Chartered Bank Oman. He has also served as CEO in Uganda and Sierra Leone.
His successor in Kenya, Mr Ngari has over 23 years of experience. His immediate former assignment was in Singapore where he had been serving as Standard Chartered Bank Group’s Head of Service Quality in group retail banking.
He started his banking career at Stanchart Kenya in 1994, then moved to Barclays Bank of Kenya in 2001 where he served as retail banking director.
He re-joined Stanchart in 2009 as head of consumer banking in Kenya and East Africa. He successfully led the franchise to commercial and industry success, earning him a promotion to the role of Regional Head of retail banking Africa in 2013.
In 2015, he moved to Singapore as global head of retail distribution for Standard Chartered Bank Group.
He joins the Kenyan unit at a time net profit for the nine months ended September rose by a third to Sh6.3 billion on higher revenue from government securities, fees and commissions and a fall in provision for bad loans.
Stanchart Kenya becomes the second bank that will have a new CEO come next year. Mortgage financier HF Group recently appointed former NIC Bank retail banking director Robert Kibaara as its new CEO to replace Frank Ireri who retires from the company in March next year.