Diamond Trust Bank (DTB) will pick a CEO for its Kenyan operation for the first time in a new management structure that will leave the group managing director Nasim Devji in charge of all the subsidiaries.
This will mark a shift from the current structure where Ms Devji, who has led DTB for more than 20 years, has been holding the dual positions of group CEO as well as the chief executive of DTB Kenya.
DTB said in a notice that the changes will be implemented once a CEO for DTB Kenya is recruited, adding that the reorganisation is meant to allow Ms Devji to focus on growing the group across East Africa.
“Going forward, [Ms Devji] will dedicate more time and focus on building and broadening DTB’s franchise across East Africa, as the group embarks on its future course of enhancing customer experience and its product offering through digitalisation initiatives,” DTB said in a statement.
“The reorganisation as mentioned above, will take effect upon the appointment of the country CEO, subject to regulatory approvals.”
Ms Devji joined DTB in 1996 and was appointed group CEO and managing director in 2001. She is a director of DTB Tanzania, DTB Uganda, DTB Burundi, Jubilee Insurance Burundi and Diamond Trust Bancassurance Intermediary Limited.
The leader of DTB Kenya will report to Ms Devji along with the current country CEOs for DTB Burundi, DTB Tanzania and DTB Uganda.
DTB Bank Kenya is the largest subsidiary in terms of branches, automated teller machines, customers and profitability among the units owned by the Nairobi Securities Exchange-listed firm.
The unit posted a net profit of Sh4.98 billion in the year ended December 2023, representing 72.4 percent of the group’s Sh6.88 billion consolidated net profit in the same period.
“The strategic reorganisation, as approved by the board, will strengthen the management structure, and enhance the group’s plans of building a strong franchise in the region, under the continuous leadership of Ms Devji,” said DTB.
DTB’s new structure resembles that of KCB Group, which in April last year, appointed Annastacia Kimtai as the managing director of KCB Bank Kenya, leaving Paul Russo in charge of the group.
Mr Russo said the changes in management structure at KCB were in line with the expectations of the Central Bank of Kenya’s prudential guidelines on corporate governance.
