“Munir Sheikh Ahmed officially exited National Bank of Kenya. The former Managing Director and Chief Executive Officer was suspended on March 29th over allegations of fraud. The bank’s board sent out formal notices to the Nairobi Securities Exchange which also indicated two more official exits from NBK. These are Boniface Biko who was the Executive Director in charge of Corporate Institutional and Business Banking, as well as the Chief Finance Officer, Chris Kisire. The three former senior managers are among the 6 who had been suspended over breach of fiduciary duty” (NTV Kenya, 2016).
“Stakeholders in Kenya’s banking industry say the sector may see a wave of mergers and acquisitions soon, after the liquidation of 1 bank, and the entry into receivership of 2 others, Chase Bank and Imperial Bank. For months now, some local depositors have been seeking safety in bigger institutions. The Central Bank Governor, Patrick Njoroge told journalists on Friday morning that the sector is now entering a new era, where governance and transparency will get a lot more attention. He also said the regulator will establish an unlimited liquidity facility to support distressed local banks, as Uche Okoronkwo, now reports” (CCTV Africa, 2016).