Nairobi, November 2, 2012:  Family Bank has today announced the stepping down of Mr. Titus K. Muya, its founder and long serving Chairman and the appointment of renowned management guru and philanthropist, Mr. Wilfred D. Kiboro as his successor effective 1st of January 2013. Mr Kiboro has already joined the Board of Directors as a non- executive director.

Wilfred Kiboro

Addressing the media at a Nairobi hotel, Family Bank CEO Peter Munyiri hailed Mr. Muya for an illustrious career and solid vision, having started the bank and served as both Chairman and Chief Executive Officer for 22 years and as the Chairman for the last six years. In the course of his career, Mr Muya built a strong financial institution with assets in excess of Khs.35 billion, 1200 employees, and over 1.2 million customers spread in 67 branches countrywide.

Mr Kiboro is joining Family Bank with a clear mandate on his hands to accerelate the ongoing strategic steps the bank has been undertaking in strengthening capacity at the board and management level. Family Bank will tap on his vast international and local corporate experiences to steer and transform the bank into a dynamic, world class organization. His coming to the board is particularly important for Family  Bank as  the   bank  embarks on the journey of raising capital in the market through  Rights  Issues  and  subsequently listing on the  Nairobi Securities Exchange.

Mr. Kiboro brings to Family Bank a  wealth of experience gained from the corporate world, having held both executive and board membership positions in a number of large blue chip organizations. Besides being the Chairman of Nation Media Group and sitting in the boards of its subsidiaries, he also serves in the board of Air Uganda and is the Chancellor of Riara University. He has also served in the Board of East African Breweries amongst others. Until his appointment, Mr Kiboro was the Chairman of the board of the Standard Chartered Bank Group.

“Mr Kiboro  is a qualified engineer from the University of Nairobi and started his career as an engineer with Shell /Esso. He rose through the ranks to head the company’s Sales and Marketing functions.  Later he was appointed managing director for Rank Xerox and is the immediate former Nation Media Group CEO,” said Mr. Munyiri.

Speaking at the media briefing, founder and outgoing Chairman Titus Muya said he was confident Mr. Kiboro would help realize Family bank’s vision of becoming a big global bank.  “I step down as the Chairman of the Family Bank Board a happy and fulfilled man because this bank we built has been able to touch and transform many peoples’ lives . Now time has come for me to pass on the baton to another great leader whom I have known and admired for many years. There is no doubt in me that he will indeed take this bank to the next level. I wish him all the best of success as he steers this organization to even greater heights,” said Mr Muya. He said Family Bank is lucky to have Mr. Kiboro as Chairman as his proven leadership skills and experience would be pivotal in steering the bank to market leadership in the greater East Africa region. “Mr Kiboro assumes leadership of the bank’s top most decision-making organ at a time when the bank has set for itself ambitious growth plans including listing at the Nairobi Stock Exchange planned for next year,” said Muya.

Mr. Titus K. Muya , Family Bank’s founder and outgoing Chairman hands over a symbolic plate to his successor Mr. Wilfred Kiboro as the bank’s chief executive officer and Managing Director, Peter Munyiri preside. Family Bank’s vision of rapidly growing into a global big bank has seen strategic changes in the composition of its boardroom ahead of its expected listing in the Nairobi Stock Exchange. Mr Muya, who founded the bank in 1984 said he was confident Mr. Kiboro, who has extensive experience managing local companies and international blue chips, would help the bank achieve its vision.

In the last one year, Family Bank has strategically invested in people, banking technologies as well as partnerships in order to support an aggressive growth strategy. The bank has been expanding its geographic foot print across the country to grow its portfolio client’s base.

While  thanking Family  Bank  shareholders and  the board of directors for giving him the opportunity to serve  on its  board, Mr  Kiboro paid a  glowing tribute to Mr Titus Muya for the  selfless sacrifice that  he has made in founding and  steering the  bank to the prestigious position it is in today. He noted that not many people achieve such a feat in their lifetime.

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