By Kepha Muiruri For Citizen Digital
State-owned Consolidated Bank of Kenya Limited has kicked off a search for a new Chief Executive Officer.
In a notice on Tuesday, the lender outlined the quest as it put out a request for proposal for the selection of a consultant to support the bank in the CEO search.
Interested and eligible firms have been asked to submit their proposals on or before January 27 after which the technical proposals will be opened.
Japheth Kisilu is presently serving the bank as the Acting CEO.
The new CEO will be tasked with turning around fortunes for the presently ailing State- run lender.
According to financial disclosures to September 30, 2021, Consolidated Bank remains in breach of some of the provisions outlined by the Central Bank of Kenya (CBK).
For instance, the bank has a core capital of Ksh.504.9 million which is Ksh.495.1 million shy of the prescribed floor limit of Ksh.1 billion.
The bank is also in breach of its core capital to total deposit liabilities and total capital to total risk-weighted assets ratios.
Across the nine months period, the bank posted an expanded loss of Ksh.255.2 million from Ksh.246.5 million in a similar period in 2020.
The bank holds assets of Ksh.13.7 billion including Ksh.8.6 billion in net loans and advances.
Incorporated in December 1989, the bank is majority-owned by the National Treasury which holds a 93.4 per cent stake.
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