CEO Steps Into Minefield Confronting Kenya’s Worst Bank: Chart
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National Bank of Kenya Ltd. is the East African nation’s worst-performing bank stock this year. It has the highest non-performing loan and cost-to-income ratios and must overcome the loss of key executives in the wake of an internal audit, according to Maurice Oduor, a money manager at Cytonn Investments Management Ltd. The biggest challenge facing new Chief Executive Officer Wilfred Musau will be raising capital from the Kenyan Treasury and National Social Security Fund, which together own 70 percent of the Nairobi-based lender as well as preference shares that can be converted into equity.