Kenya Commercial Bank

Ticker code KCB Industry Regional Banks KCB Bank Rwanda Limited
Avenue de la Paix
P.O Box 5620
Kigali, Rwanda
ISIN KE0000000315 Sector Financial
Initial Listing 18 June 2009 (ROTC) Financial Year End 31 December
Website Results Released Quarterly


Founded in 1896, KCB Bank Group is East and Central Africa’s oldest and largest commercial banking group and is listed on the Nairobi Stock Exchange, Dar es Salaam Stock Exchange, Uganda Securities Exchange and Rwanda Securities Exchange (RSE). KCB maintains a broad regional distribution network, comprising over 236 branches, 6 713 agents and 955 ATMs, in six countries. KCB has been listed on the RSE since its inception, having previously traded on the Rwanda Over The Counter Exchange from 18 June 2009.


KPMG Kenya
Certified Public Accountants
8th Floor, ABC Towers
ABC Place, Waiyaki Way


Mary Oganga
PO Box 48400 - 00100
Nairobi, Kenya


Name Position
Ngeny Biwott Group Chairman
Henry Rotich Director
Musa Ndeto Director
Peter Kimuyu Director; Chairman, KCB Bank Rwanda
Catherine Kola Director
Charity Muya-Ngaruiya Director
Adil Khawaja Director
Joseph R. Kibwana Director
Tom ipomai Director
Joshua Oigara Chief Executive Officer
Collins Otiwu Group Chief Financial Officer
Joseph Kania Company Secretary
Anne Wangari Kirima Director, KCB Rwanda
Faustin Kananura Mbundu Director, KCB Rwanda
Daniel Zitunga Director, KCB Rwanda
Sarah Mukandutiye Director, KCB Rwanda
Speciose Ayinkamke Director, KCB Rwanda
Joshua Muiru Director, KCB Rwanda
Molly Rwigamba Director, KCB Rwanda
Maurice K. Toroitich Managing Director, KCB Rwanda
Mary Oganga Company Secretary, KCB Rwanda

Ngeny Biwott He joined the Group Board in June, 2011 and was elected the Group Chairman in August, 2013.During his tenure he has served as the Chairman of the Human Resources Committee, Director of KCB Bank Tanzania, and has previously served in the Audit, Risk, Procurement, Information Technology and Strategy Committees. He has over 37 years work experience in the aviation industry and holds an MSc Degree in Civil Emergency, Risk and Crisis Management from University of Hertfordshire.In addition, he has Specialized Certification in Risk and Strategy from Cranfield, Southern California Universities and as well as Langley NASA Research Centre.
Henry Rotich Mr. Henry K. Rotich is the Cabinet Secretary for National Treasury.Prior to this appointment, He was Head of Macroeconomics at the Treasury, Ministry of Finance, since March 2006. Under this capacity he was involved in formulation of macroeconomic policies that ensured an affordable and sustainable path of public spending aimed at achieving the Government’s development priorities.In addition, he was also involved in preparation of key budget documents including the Budget Statements, as well as providing strategic coordination of structural reforms in the area of fiscal and financial sector. Prior to joining the Ministry of Finance, Mr. Rotich worked at the Research Department of the Central Bank of Kenya since 1994.Between, 2001-2004, he was attached to the International Monetary Fund (IMF) local office in Nairobi to work as an economist. Mr. Rotich was also a Director on several Boards of State Corporations, including: Insurance Regulatory Board; Industrial Development Bank; Communication Commission of Kenya; and Kenya National Bureau of Statistics. He holds a Master’s Degree in Public Administration (MPA) from the Harvard Kennedy School, Harvard University.He also holds a Master’s Degree in Economics and a Bachelor’s Degree in Economics (First Class Honours), both from University of Nairobi.
Musa Ndeto He joined the Board in June 2003 and interrupted his service to Kenya Commercial Bank Board from 2006 to 2009 when he re-joined the Board.He has served as Member and Chairman of KCB Bank South Sudan and also as the Group Chairman of the Board. He is a Member of the IT, Audit, and Strategy Committees. He holds a Bachelor of Science (Hons) in Electrical Engineering, Masters in Business Administration (MBA, Finance) and Masters in Business Administration (MBA, Strategic Management). He is a member of IEE (UK) and practices as a Consulting Electrical Engineer. He served as a Board Director of Kenya Electricity Generating Company (KenGen)
Peter Kimuyu He joined the Board in 2006. He holds a PhD in Economics from the University of Nairobi. He is a member of the New York Academy of Sciences, a Professor of Economics and Founder Director of School of Economics at Nairobi University. He is the current Chairman of the Privatization Commission of Kenya. In addition to this, he serves as the Chairman of KCB Bank Rwanda, Chairman of the Procurement Committee and also sits in the Credit, Risk and Strategy Committees.
Catherine Kola She joined the Board in June , 2009. She has over 30 years’ experience covering Legal Practice, Development Banking, financial and energy markets as well as company secretarial and general management in the Financial and Energy Sectors. She also served as the Chief Executive Officer of the Interim Independent Boundaries Review Commission. She is an advocate of the High Court of Kenya, Commissioner for Oaths and Notary Public, a Certified Public Secretary, and an associate member of the Chartered Institutes of Arbitrators. She holds a Bachelor of Laws (LL.B) Honors Degree from the University of Nairobi and Diploma from the Kenya School of Law.Mrs. Kola serves as Chairman of the Staff Retirement Benefits (Defined Contribution) Scheme (2006). She also serves as the Chairman of the KCB Foundation Board and KCB Bank Burundi. She is a member of the Credit and Risk Committees.
Charity Muya-Ngaruiya She joined the Board in June 2012. She holds a Bachelor of Commerce Degree and a Masters in Business Administration from the University of Nairobi. She is a Fellow of Certified Accountants (FCCA), Certified Public Secretary (CPS) Chartered Institute of Arbitrators. She holds a Certificate of Advanced course in Investment Banking. She is a trainer in Governance, Member of Institute of Directors, Honorary member of the Institute of Financial Analysts. She is a Management and Financial Restructuring expert having over thirty five years experience in financial management. She has served as a council member of Institute of Certified Public Accountants, a member of the Registration of Accountants Board, member of the Examination Committee of Kenya Accountants and Secretaries National Examination Board. She is the Chairman of the Group Audit Committee and also serves in the Risk, Information Technology and Human Resources Committees and as Chairman of KCB Bank South Sudan Board.
Adil Khawaja He joined the Board in June 2012 and holds an LLB (Hons) degree from the University of Sheffield England. A Diploma in Law from the Kenya School of Law and is a Certified Public Secretary (CPS). He is also a member of the London Court of International Arbitration (LCIA). He is the managing partner of the law firm Hamilton Harrison and Mathews Advocates.He is the Chairman of the Bank’s Group Risk Committee and a Director of the KCB Bank Tanzania. He sits in the Human Resources, Procurement and Strategy Committees.
Joseph R. Kibwana He joined the Board in June 2012. He is the Chairman of the Strategy Committee and a Member of the Audit and Procurement Committees.He is also a Director of KCB Bank Burundi.An Alumni of the Britannia Royal Naval College, the US Naval Staff College and the US Naval War College, he retired from the Kenya Armed Forces in 2005 having served as the Chief of the General Staff (2000-2005), the Commandant of the National Defense College (1998-2000) and the Commander of the Kenya Navy (1988-1998). Upon his retirement from active duty, he was appointed Chairman of the Board of Directors of the Kenya Ports Authority (2005-2008). He is currently the Chairman of the Board of Directors of Kenya Trade Network Agency.
Tom Ipomai He joined the Board in July, 2013.He is a Corporate Finance specialist. He graduated with a First Class Honours degree in Computer Science at the University of Nairobi. Tom later did postgraduate studies at the University of Cambridge (Jesus College) as a Commonwealth Scholar studying for a Master of Philosophy (MPhil) in Management Studies. Tom eventually wrote his Association of Certified Chartered Accountants (ACCA) examinations completing them in straight passes in two years and all by home study.Tom has previously worked in the Central Bank of Kenya, Barclays Bank in UK, Kenya and Zambia and Deloitte’s corporate finance advisory division. Tom currently works as the Chief Executive Officer of Ler Ltd, a real-estate focused Investment Company.He serves as the Chairman of Human Resources and IT Committees.He also sits in the Credit and Procurement Committees.
Joshua Oigara He was appointed as the Group Chief Executive Officer in January 2013. He previously served as the Group Chief Financial Officer of the Bank prior to his appointment. He holds a Masters in Business Administration with distinction in International Business Management from Edith Cowan University, Australia (2011), a Bachelor of Commerce Degree in Accounting from the University of Nairobi, Kenya and Advanced Management Program Graduate from INSEAD, Fontainebleau, France (2010).He is also a graduate of the Program for Management Development (JuMP), Fuqua School of Business, Duke University, North Carolina, USA (2006) as well as a Certified Public Accountant of Kenya, CPA (K), School of Accountancy, Strathmore University, Kenya (1997). He is a trustee of the KCB Foundation, a member of the Board of directors in KCB Bank Tanzania Board and sits in the Risk, Credit, Human Resources, Strategy and Information Technology committees.
Collins Otiwu He was appointed as the KCB Group Chief Financial Officer in June, 2013. He holds a Masters of Business Administration (MBA) degree in Finance from the University of Warwick (Warwick Business School), United Kingdom, Bachelor of Commerce Degree, Accounting option from the University of Nairobi, Kenya. He is a Certified Public Accountant, CPA(K) and a Certified Information Systems Auditor (CISA). He is a Board member of the Group and also sits on the KCB Bank South Sudan Board where he chairs the Risk and Strategy committees and also sits in the Audit committee. Prior to joining the KCB Group, he worked at Equity Bank as Finance Director, British Telecom (BT) in London as Group Head of Finance & Treasury and British Petroleum (BP) in London as Senior Manager, Policy. He also worked at HSBC in London as Manager, Policy and at PricewaterhouseCoopers (PwC) both in London and Nairobi.
Joseph Kania He joined the Bank in July, 2013 with over 20 years’ experience as an advocate of the High Court and 10 years experience as a Company Secretary. He joins the Bank from Housing Finance Company of Kenya where he was the Company Secretary. Other roles previously held include: - Senior Legal Officer at Industrial and Commercial Development Corporation and Legal Officer at Senator Cards/ Southern Credit Corporation. He holds an LLB from University of Nairobi and is an advocate of the High Court of Kenya.He is a Notary Public, Commissioner of Oaths as well as a CPS (K) Certified Public Secretary of Kenya and an Associate Member of the Chartered Institute of Arbitrators.
Anne Wangari Kirima She joined the KCB Rwanda Board in October 2009. She holds a Bachelor’s of Arts (Hons) Degree in Politics and Economics from the University of London and a Masters in Business Administration from Brunel University, London as well as a Master’s of Science Degree in Commercial Property Management from Liverpool John Moores University. She is an Associate of the Royal Institution of Chartered Surveyors. In addition, she qualified at graduate level in International Development Studies and in Political Economy of Developing Countries with special emphasis on East Africa. She has over 15 years experience in Property Consultancy in East Africa and in the UK.
Faustin Kananura Mbundu He joined the Board in October 2009. He holds a Bachelor of Commerce Degree (Honors) from Makerere University. He has a lot of entrepreneurial experience having started and run several companies in East Africa. Currently, he runs and holds equity in a number of companies involved in different businesses ranging from Information Technology, Tourism, Agri-business and Education.
Daniel Zitunga He joined the Board in December 2011. He holds a Bachelor of Commerce Degree (B.Com) (Honours) from Makerere University, Uganda and a Master of Business Administration (MBA) with distinction awarded by the University of Leicester, UK. He qualified as a Certified Public Accountant (CPAK) in 1991 in Kenya. He is a member of the Institutes of Certified Public Accountants in Uganda and Rwanda.He is the Lead Partner of ZiMpartners; a firm of Certified Public Accountants & Management Consultants established in Kigali, and brings on board 27 years professional experience spanning a broad spectrum of business sectors including commercial banks, telecommunications, international hotels, manufacturing, agriculture, hydroelectric power generation, civil engineering, general trading and donor-funded public sector projects. He was the Chief Financial Officer at MTN Rwanda for four years to 2004, and previously was audit manager at PriceWaterhouseCoopers and KPMG respectively. He lectures (visiting tutor) Corporate Governance course to students preparing for Masters of Science in Accounting at the National University of Rwanda.
Sarah Mukandutiye She joined the Board in November 2009. She is a holder of a Master of Arts (Econ) Degree in Development Administration and Management from the University of Manchester, UK and a Bachelors of Arts Degree in Social Administration from Makerere University. She has over 19 Years of practical experience in financial management, operations and administration. She is the Managing Director of SEROMA Ltd, a private limited liability company that deals with building materials.
Speciose Ayinkamke She joined the Board in May 2012. She holds a Bachelor of Economic Sciences Degree from the National University of Rwanda and a Post-graduate Diploma in Banking Technology from the Institut Technique de Banque in Paris, France. She has 9 years working experience in senior banking positions as well as extensive training in the field. She served as a Senator in the Rwandan Parliament, Senate Chamber and as a Board Member of many esteemed organizations. She is currently consulting with Restrad Consultancy Ltd.
Joshua Muiru He joined the Board in October 2012 having previously served at different times in the Boards of KCB Tanzania Ltd and Savings & Loan Ltd since 2006. He holds a Bachelor’s degree in Economics and a Master of Arts in Economics from the University of Nairobi. He has long standing experience at Central Bank of Kenya (CBK) having worked for over 23 years. He is a Consultant with Peter Githae & Associates and is currently an examiner at the Kenya Institute of Bankers.
Molly Rwigamba She joined the Board in April 2013. She holds a Bachelor’s degree in Law from the National University of Rwanda and a Masters in International and Comparative law from Uppsala University in Sweden. She has 14 years of experience in various capacities as a legal and private sector expert and has served as the Private Sector Federation CEO (Ag). She is the vice-chair of the Capital Markets Authority and serves on the boards of the Work Force Development Authority, National labor Council and Education Endowment Fund. She is currently a Partner and Consultant at RR Associates & Co Advocates.
Maurice K. Toroitich He joined the Board in October 2008. He holds a Bachelor’s Degree in Commerce (Accounting Option) from the University of Nairobi and a Master in Business Administration from Strathmore Business School. He is a Certified Public Account of Kenya (CPAK) and an Associate of the Chartered Institute of Bankers (ACIB), London. He is a career banker with long standing experience in Retail and Corporate Banking. He previously worked for CfC Stanbic Bank Ltd.
Mary Oganga She joined the Bank in 1993 and is currently working in the Legal Department as a Legal Manager. She holds a Bachelor of Laws (LLB) Degree and Masters in Law in Public International Law (LLM), all from the University of Nairobi.She was appointed as the Secretary to the KCB Bank Rwanda Board in 2013.She is an Advocate of the High Court of Kenya, Commissioner for Oaths and a Notary Public.She is a member of the Law Society of Kenya and East African Law Society and an Alumni of International Law Development Organization (IDLO).

Principal Shareholders as at 31 December 2014
Name of shareholder Number of shares % Shareholding
Permanent Secretary to the the Treasury of Kenya 523,600,000 17.31
National Social Security Fund 227,436,743 7.52
Standard Chartered Kenya Nominees Ltd A/C KE18965 65,397,900 2.16
Standard Chartered Nominees Non-Resident A/C 9318 52,837,598 1.75
Standard Chartered Nominees Non-Resident A/C 9069 49,992,256 1.65
Kanaksinh Karsandas Babla and Sandip Kanaksinh Babla 47,002,660 1.55
Standard Chartered Nominees A/C 9688 45,778,323 1.51
Standard Chartered Kenya Nominees Ltd A/C KE20531 45,498,900 1.50
Standard Chartered Kenya Nominees Ltd A/C 18972 43,240,300 1.43
Standard Chartered Nominees Non-Resident A/C 9867 36,998,600 1.22
Total 1,137,783,280 37.61
Distribution of shareholders as at 31 December 2014
  Number of shareholders Number of shares % shareholding
1 - 5,000 shares 123,714 205,248,439 6.78
5,001 - 50,000 shares 26,553 274,824,906 9.08
50,001 - 100,000 shares 729 50,470,190 1.67
100,001 - 1,000,000 shares 808 240,598,424 7.95
1,000,001 - 10,000,000 shares 227 660,058,044 21.82
Over 10,000,000 shares 34 1,594,012,989 52.69
Total 152,065 3,025,212,992 100.00