KCB CEO Announces Bank Will Hire 400 New Employees

The Kenya Commercial Bank (KCB) Chief Executive Officer Paul Russo has announced that the company will be hiring 400 new employees in the coming months.

According to Russo, the onboarding processes, which will occur across its regional operations will strengthen its digital platforms.

He explained that the move will ensure that the company is in line with the growing preference for non-branch banking among their customers. 

Further, the CEO said that the new employees will also accelerate the company’s investment in digital leadership adding that customers preferred fully automated or self-service platforms, including mobile, internet and chatbots for their banking services.

“We are building a whole new capability, adding almost 400 people into the digital channels to make sure we can quickly conceptualize, partner and deliver our propositions,” he said.

Additionally, Russo revealed that KCB will also appoint a group strategy and innovation director to assist the bank in utilizing data and analytics more frequently.

Also Read: Why Bank CEOs Deserve the Millions They Earn as Monthly Salary

KCB Warning After Sale of National Bank

The announcement came weeks after the group’s board of directors announced that it had entered into a share purchase agreement with Access Bank which would result in Access Bank acquiring 100% of the issued ordinary shares in National Bank of Kenya Limited

In the notice issued on March 20, KCB noted that the completion of the proposed transaction was however subject to conditions that were customary for transactions of this nature.

“The Board of Directors of KCB Group Plc (KCB) wishes to advise shareholders and investors that on 20 March 2024, KCB entered into a share purchase agreement (“Agreement”) with Access Bank Plc (Access Bank), 

“If the proposed transaction is successfully completed, would result in Access Bank acquiring 100% of the issued ordinary shares in National Bank of Kenya Limited (NBK) from KCB,” read part of the announcement.

Consequently, pending completion of the proposed transaction, the shareholders of KCB and other investors were advised to exercise caution when dealing in its shares on different stock markets including the Nairobi Securities Exchange (NSE), the Uganda Securities Exchange, the Rwanda Stock Exchange, and the Dar es Salaam Stock Exchange. 

Also Read: Kenyan CEOs Explain Why they Will be Firing Employees in 2024

CEOs on Reduced Hiring in 2024

The move announced by Russo projects an increase in employment in the banking sector as depicted in the Central Bank of Kenya (CBK) January 2024 Market Perception Survey.

According to the survey, employers in the banking sector were the only ones who indicated the possibility of hiring and retaining employees in 2024. However, the other employers in the non-banking sector who took part in the survey stated that they will probably not be hiring.

The survey explained that the banking sector was expected to expand because of a projected moderate to high demand for credit in February and March 2024, driven by working capital requirements by most businesses and back-to-school financing at the beginning of the school year.

“Banks expect to hire in 2024 as they expand services and strengthen capacity to support business growth,” read the survey in part.