Family Bank has announced that its chairman, Wilfred Kiboro, will leave after serving the bank for 12 years since 2012.

Kiboro is credited with expanding the bank’s network from 68 branches to 95 in 2024.

“Under Kiboro’s chairmanship, the Bank also successfully issued two corporate bonds in 2015 and in 2021, raising Kes 2 billion and Kes 4 billion respectively and grown from an asset base of Kes 31 billion in 2012, to Kes 142 billion in 2023, while profitability grew from Kes 561 million in 2012 to Kes 2.5 billion in 2023.”

“During his tenure, the Bank’s balance sheet hit the USD 1 Billion mark and to further drive shareholder value, the Bank incorporated Family Bank Bancassurance Intermediary Limited which now contributes significantly to the Bank’s profitability.”

This comes barely a few months after the lender extended its right issue of Kes 9.3 billion to fund growth in January this year.

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The deadline was set for November 2023 before being extended several times.

As a result, the lender has appointed Gitau Mungai to succeed Kiboro, pending regulatory approvals.

Mungai joined the Family Bank Limited board in 2016 and has been vice chair for the last two years.

He has also chaired the board’s credit and IT and projects committees.

With 30 years of experience in architecture and contract management, Mungai is a founding partner of Aaki Consultants, Architects, and Urban Designers and has held leadership roles with renowned firms such as Triad Architects in Nairobi and Urban Innovation Group (UIG) in Los Angeles.

He holds a master’s degree in architecture from the University of California, Los Angeles (UCLA) and a Bachelor's degree in Architecture from the University of Nairobi.