CBK Clears New Stanbic Bank Kenya CEO

Stanbic Bank Kenya has appointed Michael Mutiga as its new Chief Executive Officer.

In a statement on Tuesday, September 15, the lender said the appointment follows approval from the Central Bank of Kenya.

Mutiga takes over the leadership of the bank with more than 20 years of experience across the banking, telecommunications and digital financial services sectors.

"We are pleased to announce the appointment of Michael Mutiga as Chief Executive, Stanbic Bank Kenya, following approval from the Central Bank of Kenya," the statement read.

Mutiga joins Stanbic Bank after serving as the Chief Business Development & Strategy Officer at Safaricom Plc, where he was involved in strategy and business growth initiatives.

The bank said Mutiga’s broad experience across different sectors would strengthen its leadership as it pursues its strategic priorities.

"Michael brings over 20 years of leadership experience across banking, telecommunications and digital financial services, with expertise in strategy, growth and transformation," the statement added.

Mutiga holds a Master of Laws Degree (LLM) from Temple University and a Bachelor of Laws Degree (LLB, Honours) from the University of Nairobi.

His professional career has also earned him several industry accolades, including five Corporate Banker of the Year awards, highlighting his track record in the financial services sector.

Stanbic Bank said it expects Mutiga to provide leadership as it works to deepen its relationships with customers and deliver sustainable value.

"We look forward to his leadership as we continue creating long-term value for our clients, people and stakeholders," the statement concluded.

This comes months after Stanbic Bank Kenya dismissed claims circulating on social media suggesting that a former employee had been appointed as the lender’s new Chief Executive Officer.

In a statement on Tuesday, May 19, the bank said reports shared online regarding changes in its top leadership were false and misleading.

"Stanbic Bank Kenya wishes to clarify that social media posts by a former employee claiming to hold the position of Chief Executive of Stanbic Bank Kenya are inaccurate," the statement read.

The lender maintained that its leadership remained intact, adding that there had been no changes to its governance structure.

"The Bank's Chief Executive remains in office, and the Bank's leadership and governance structures remain unchanged," the statement added.

Stanbic Bank further noted that any decisions relating to executive appointments or governance matters were handled through formal internal and regulatory procedures before being communicated publicly.

"Any matters relating to executive leadership or governance are managed through established legal, regulatory, and internal governance processes, and are communicated through official Bank channels," the statement concluded.