Family Bank Chair Kiboro to exit amid rights issue extensions

Source: Capital FM Kenya

NAIROBI, Kenya, May 24 - Wilfred Kiboro, who has been Chairman of the Family Bank for the last 12 years, is set to leave the bank.

Kiboro joined the lender in 2012 and has been serving in the position since then.

The current chair 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," Family Bank said in a statement.

"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."

Kiboro's exit comes barely a few months after the lender extended its right issue of Sh9.3 billion to fund growth in January this year.

The deadline was first set for November 2023 before being extended on several occasions.

In his place, the lender has tapped insider Gitau Mungai to succeed Kiboro, pending regulatory approvals.

Mungai joined the Board of Family Bank Limited in 2016 and has been serving as the vice chair for the last two years.

He has also chaired the board's credit as well as 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 of Architecture degree from the University of Nairobi.