Kenya’s DTB Group, the country’s fifth-largest bank by assets, has restructured its management team as it eyes a bigger share of the East African market.
As part of its reorganisation, DTB Kenya CEO Nasim Devji, who has led the company for over two decades, will become group chief executive as the lender hunts for a new CEO for DTB Kenya.
The new structure will see regional units in Kenya, Uganda, Tanzania, and Burundi have separate heads reporting to Devji, one of the longest-serving chief executives in Kenya.
The changes are key pieces in DTB’s plans to expand in the East African region and grow its customer base to 10 million by 2026. The strategy mirrors competitors like Equity Group and KCB Group, lenders seeing growth in regional subsidiaries as growth slows in Kenya.
“The Country CEO for DTB Kenya, along with the current Country CEOs for DTB Uganda, DTB Tanzania, and DTB Burundi, will report to and work closely with me [Nasim Devji] to ensure the smooth functioning and continued success of DTB in each country,” Devji said in a statement sent to TechCabal.
“We believe this decision will bring immense value to our organisation, enabling us to seize new opportunities, develop new relationships, and navigate the ever-evolving banking landscape more effectively.”
The renewed push comes just a month after the bank appointed Godfrey Sebaana, former head of commercial banking at Standard Chartered, CEO of its Uganda subsidiary.
The depreciation of the shilling, increased taxes, and high interest rates in the local market have seen Kenyan banks increase their investment in the region. Equity Group, KCB Group, NCBA, and I&M have extensive presence in neighbouring countries.
In the financial year ending December 2023, Equity’s and KCB’s performance was boosted by regional subsidiaries. For DTB, Kenya generated nearly three-quarters of its 2023 net profits. The lender’s net earnings for the full year increased by 13.4% to $51.4 million on higher income from transactions and interest.
Get the best African tech newsletters in your inbox
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : TechCabal – https://techcabal.com/2024/05/08/kenyas-dtb-shakes-up-leadership-as-it-targets-10-million-customers-by-2026/
