[2008-09-25]  CfC Stanbic appoints new chief executive
Less than a year into the CfC and Stanbic Bank merger, the group’s managing director Madabhushi Soundararajan has stepped down.

Mr Soundararajan, was until his resignation the CfC Stanbic Holding managing director, a position he landed after the takeover of CfC by the Standard Group of South Africa- parent firm to Stanbic Bank Kenya.

“As I leave CfC Stanbic to pursue other interests I have the satisfaction of having played a crucial role in its as a credible financial services conglomerate paving the way for the landmark merger transaction between CfC and Stanbic,” said Mr Soundararajan of his exit.The takeover deal was one described by analysts as a complex one in which all shareholders had to remain ultimate owners of the new entity.

Complex deal

However, the Standard Bank Group of South Africa acquired a 60 per cent stake in CFC Group with all its subsidiaries. The commercial banking businesses of CfC Bank and Stanbic Bank Kenya were merged into one entity called CFC Stanbic Bank Ltd.

The bank currently has an estimated asset base of Sh62 billion, ranking it among the top five largest banks in Kenya.

Mr Kitili Mbathi, who has been the regional managing director, has replaced Mr Soundararajan.

He was previously the managing director of Stanbic Bank in Uganda.

“I am pleased to take on this additional role as the Managing Director of the CfC Stanbic Group,” he said of his new appointment.

The financial services group is listed on the Nairobi Stock Exchange
Source: NATION