Kenya Commercial Bank Group (KCB), the largest retailer in the East African market, has appointed a leading consultant to help it grow its business.
The move comes after KCB raised Sh12.5 billion in new capital last year, through a rights issue, cash that is expected to assist the bank enhance shareholder value and become a leading financial solutions provider in Africa.
The consultant, McKinsey & Company, is a leading business consultant and will work with KCB over the next five months to design the growth path, identify quick wins and set the road map for the growth plan.
“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 setting the stage for our leap to the next level,” said KCB Chief Executive Officer Dr Martin Oduor-Otieno.
This will include review of the Group’s 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 IT infrastructure and subsidiary businesses. “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 Dr Oduor-Otieno.
He said normal bank business would not be interrupted as a result of the project.
KCB is East Africa’s largest commercial bank with 215 branches spread across Kenya, Tanzania, Southern Sudan, Uganda and Rwanda.