An Africa Business Community
KCB has grown its business and returned excellent results over the last decade evidenced by the turnaround from a loss of KShs.4.2 billion in 2002 to a profit before tax of KShs.6.3 billion in December 2009 and KShs.6.5 billion as at September 2010. With the recent successful raising of KShs.12.5 billion of new capital, the Bank is now poised for accelerated growth to enhance shareholder value and move towards its vision which is TO BE THE PREFERRED FINANCIAL SOLUTIONS PROVIDER IN AFRICA WITH GLOBAL REACH.
In this respect, the Board of Directors of KCB has now launched a Transformation Programme to accelerate growth and move from a Good to a Great Bank.
World-renowned business consultants, McKinsey & Company, have been engaged to work with KCB over the next four to five months to design this programme, identify quick wins for implementation and set the road map for comprehensive actions estimated to take up to 24 months to complete.
“Today is the beginning of another phase of our journey to reposition KCB for the future,” said Chief Executive, Dr. Martin Oduor-Otieno.
He said the project was a major step towards taking KCB to the next level through review of its business operations and design as well as implementation of a programme that will deliver business growth, increased productivity and enhance stakeholder value.
“The key agenda will be to review our business model as well as operating structures and processes with a view to recommending solutions that will make KCB more efficient and productive while also setting the stage for our leap to the next level,” added Oduor-Otieno.
This will include review of the bank’s Group corporate and governance structures, business model, jobs roles and people placement, risk management and mitigation mechanisms, employee performance management and reward frameworks as well as the its IT infrastructure and subsidiary businesses, among other areas.
“We expect this exercise to result in operational changes that will lead to efficiency and cost reduction while also enabling us increase our market share and employee productivity,” said the Chief Executive.
The Board of KCB has set up a Transformation Committee and a strong cross functional project management unit to oversee and work closely with the Consultants to deliver the objectives of the programme.
“We shall implement quick wins as soon as viable solutions emerge while working towards completion of the project over the next 24 months,” said the Chief Executive.
He said normal bank business will not be interrupted as a result of the project. Indeed, it is expected that the project will open up opportunities for the bank to grow shareholder value, deliver world class customer service and create exciting career opportunities for staff.”
The new project is the second major repositioning exercise by the bank after its image rebranding in 2003 that changed the face of East Africa’s largest and oldest bank; introducing new ethos and a modern dynamic corporate identity.
“We see the new project as a continuation of our journey from being a good organization to becoming a great bank in pursuit of our vision,” concluded the Chief Executive.
KCB is East Africa’s largest commercial bank with 215 branches spread across Kenya, Tanzania, Southern Sudan, Uganda and Rwanda. It has over 700 ATMs including partnerships with Pesapoint (110) and Kenswitch (250).
The bank’s shares are cross-listed at the Nairobi Stock Exchange, Uganda Securities Exchange, Dar-es-Salaam Stock Exchange and Rwanda over the Counter Market.