Acting CEO, Jamii Bora, Timothy Kabiru./ PHOTO COURTSEY

Jamii Bora bank will have a new boss after the lender’s current chief executive officer (CEO) Samuel Kimani takes early retirement amid a plan to unveil a new strategic investor.

The bank’s deputy CEO, Timothy Kabiru, will take over the helm from his former boss who has opted to pursue other interests.

Jamii Bora’s board chairman Richard Kiplagat said: “The board has accepted Mr. Kimani’s request to retire early from the bank,” adding that they are wishing him well in his future endeavours. The transition is expected to be smooth given that Mr. Kabiru has been an insider at the bank and his predecessor remains a board member who will be available for any necessary consultation. Mr. Kabiru, who joined the bank in December 2011, has over 23 years of banking experience.

The bank hopes to raise about Kshs. 5 billon from various sources including strategic investors, a rights issue and a convertible debt as it seeks to grow its profitability.