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Former KCB Bank Kenya director for mortgage business Sam Muturi has been appointed as the new chief executive officer of Consolidated Bank of Kenya.

Muturi takes over from Japheth Kisilu, who has been holding the position in an acting capacity. Kisilu is the current chief commercial officer of Consolidated Bank.

He has over 25 years’ working experience in Banking primarily obtained at Kenya Commercial Bank, where he worked in various positions within the Bank and gained valuable experience in Leadership and supervision, credit analysis and management, policy and compliance, risk management, strategic management and customer/relationship management,” Consolidated Bank said in a statement.

He has immense knowledge and skills in growing a bank, corporate/MSME/retail/personal banking, diaspora/money transfer business, retail and commercial mortgage business, project management and mortgage business,” the lender added.

Consolidated Bank’s losses

The lender recorded a Ksh157 million half-year loss in the six months ended June 2022, sinking it deeper into the red.

The bank’s core capital fell to Ksh230.2 million in the six months from Ksh631.4 million against the Central Bank of Kenya’s recommended threshold of Ksh1 million.

Non-interest-related expenses reached a high of Ksh846.7 million against revenues of Ksh698.4 million, pushing the accumulated losses to Ksh3.5 billion.

The Bank was incorporated in 1989, as a result of the merger of nine insolvent financial institutions.

The National Treasury holds a majority 93.4 per cent stake in the bank having converted Ksh.1.6 billion debt in the lender into shares.