Diamond Trust Bank (DTB) will select a CEO for its Kenya operations for the first time in a new management structure that will leave group managing director Nissim Devji in charge of all subsidiaries.
This will mark a shift from the current structure where Ms Devji, who has led DTB for over 20 years, held the dual roles of Group CEO as well as CEO of DTB Kenya.
DTB said in a notice that the changes will be implemented once the CEO of DTB Kenya is appointed, adding that the reorganization is aimed at allowing Ms Devji to focus on growing the group across East Africa.
“Going forward, (Ms. Devji) will devote more time and focus to building and expanding the DTB franchise across East Africa, as the group embarks on its future path to enhance the customer experience and product offering through digitalization initiatives,” DTB said in a statement. .
“The reorganization as stated above will come into effect upon the appointment of the State Chief Executive, subject to regulatory approvals.”
Ms. Devji joined DTB in 1996 and was appointed as CEO and Group Managing Director in 2001. She is a Director at DTB Tanzania, DTB Uganda, DTB Burundi, Jubilee Insurance Burundi and Diamond Trust Bancassurance Intermediary Limited.
The DTB Kenya leader will report to Ms Devji alongside the current country CEOs of DTB Burundi, DTB Tanzania and DTB Uganda.
DTB Bank Kenya is the largest subsidiary in terms of branches, ATMs, customers and profitability among units owned by a company listed on the Nairobi Stock Exchange.
The unit recorded a net profit of Sh4.98 billion in the year to December 2023, representing 72.4 per cent of the group's consolidated net profit of Sh6.88 billion in the same period.
“The strategic reorganization, as approved by the Board of Directors, will strengthen the management structure, and consolidate the group’s plans to build a strong franchise in the region, under the continued leadership of Ms. Devji,” DTB said.
The new structure of DTB is similar to that of KCB Group, which in April last year appointed Anastasia Kimtai as managing director of KCB Bank Kenya, leaving Paul Rousseau in charge of the group.
Mr Russo said the changes in the management structure at KCB are in line with the expectations of the Central Bank of Kenya's prudential guidelines on corporate governance.
