Former Roads Cabinet Secretary James Macharia was appointed as the Chairman of Sidian Bank in changes.
He took over from Centum Investment Company Group CEO, Dr James Mworia.
The announcement was made after days of speculations over his takeover.
Macharia is a veteran banker who has had a 42-year career journey, both in the private and public sectors, with responsibilities across a variety of areas.
He served as a Cabinet Secretary for transport, and later Health in President Uhuru Kenyatta’s Cabinet.
“I’m happy to be joining Sidian Bank at a very exciting growth phase of the business. I thank my predecessors for a job well done, as I look forward to an exciting and transformational journey ahead,” Macharia said in a statement.
“It has been a great honour to serve as Chairman of Sidian Bank since 2014, a period during which we successfully transitioned from K-REP Bank to Sidian Bank and strengthened the institution’s foundation for sustainable growth,” said Dr. Mworia.
Macharia’s career started in Deloitte’s Tax Consultancy Division as a Consultant Chartered Accountant in London, before returning to Kenya in 1989.
He has held various positions like that as Managing Director of the Zambian and Tanzanian operations of the South African headquartered lender, after joining African Banking Corporation, among other leadership positions.
The Sidian board also welcomed Prof. Paul Gachanja, who is an economist and expert in Public-Private Partnerships, Apollo Ong’ara, a financial consultant over 30 years of experience in the Financial Services sector and Madhav Bhandari, who has been the Managing Partner of the esteemed accounting firm, Baker Tilly, for over two decades.
The bank is making changes to break the market niche which is dominated by few players.
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