The Diamond Trust Bank (DTB) Kenya Limited has appointed Uday Bhasin as a non- executive Director of the Bank.
In a public notice on July 17, the Bank’s Board of Directors (BoD) announced Bhasin’s appointment stating that it took effect on Monday, July 15.
“The Board of Directors of Diamond Trust Bank Kenya Limited is pleased to announce the appointment of Mr. Uday Bhasin as a non- executive Director of the Bank with effect from 15 July 2024,” the notice reads in part.
Bhasin currently serves on the Boards of Diamond Trust Bank Tanzania Limited, Sarova Hotels Kenya Limited, Metro Life Assurance Tanzania Limited and Meticulous Insurance Tanzania Limited.
He is a fellow of the Institute of Chartered Accountants in England and Wales (“ICAEW”), holds The Corporate Finance Qualification from the ICAEW and a Bachelor of Arts in Economics and Social Studies from the University of Manchester.
“The Board takes this opportunity to congratulate Mr. Bhasin on his appointment as a non- executive Director of the Bank,” added another part of the notice.
Bhasin currently serves as the Managing Director of Tradeways Co LLC, a leading emerging market financial and family advisory business.
Besides, he has previously served as the Chief Finance and Investment Officer at Sharjah Holding and as Executive Director at Dubai Group, two United Arab Emirates (UAE) based Sovereign Wealth Funds with significant investments across Asia, Middle East and Africa.
Prior to these roles, he spent 11 years at PricewaterhouseCoopers working in Africa, Europe, Asia and the Middle East.
Diamond Trust Bank to Appoint New CEO
This comes after DTB Kenya announced that it will appoint a new Chief Executive Officer (CEO) to oversee the Group’s operations in Kenya.
In a notice on May 8, DTB announced strategic reorganizations in the Group management structure in Kenya.
DTB Kenya Company Secretary Stephen Kodume stated that the Group’s CEO and Managing Director (MD) Nasimi Devji will spend more time expanding the Bank’s operation in East Africa.
Also Read: Diamond Trust Bank Set to Appoint New CEO in Kenya
“Nasim Devji who has spearheaded DTB for over twenty (20) years and holds the dual position of Group Chief Executive Officer as well as the Chief Executive Officer (CEO) for DTB Kenya, going forward, 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 digitalization initiatives,” the notice read in part.
The Bank announced plans to appoint a new CEO to succeed Devji, who has served in the Group’s management for the past two decades.
“In this context DTB Kenya intends to recruit a country CEO who will report to Mrs. Devji along with the current country CEOs for DTB Burundi, DTB Tanzania and DTB Uganda,” the notice read.
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Changes to Impact the Bank
DTB stated that the strategic reorganization, approved by the Board, aims to bolster the management structure. Additionally, it will support the Group’s efforts to establish a robust franchise in the region under Devji’s ongoing leadership.
“The reorganization, as mentioned above, will take effect upon the appointment of the country CEO, subject to regulatory approvals,” read the notice.
“The Board of DTB Kenya, expresses full confidence in Mrs. Devji and wishes her well for this continued exciting journey in this landmark institution which has served the region, including Kenya for over seventy-five years.”
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