Ratio Magazine :: The Inside Track to East Africa’s Economies - Kenya: Press Releases: Mr. M. Soundararajan steps down as Group Managing Director for CfC Stanbic

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Kenya: Press Releases: Mr. M. Soundararajan steps down as Group Managing Director for CfC Stanbic

Friday, 26 September 2008

CfC Stanbic Holdings announced that Madabhushi Soundararajan has stepped down as CfC Stanbic Holding‘s Group Managing Director and the bank’s Regional Managing Director, Kitili Mbathi has been appointed to take over this position.

Soundararajan joined the CfC Group in March 2000 as the Managing Director of CfC Financial Services Company and took up the position of CfC Bank Director - Corporate Banking in October 2002. In June 2005, he was appointed Managing Director of CfC Bank. Most recently he served as the Group Managing Director of CfC Stanbic Holdings which is the holding company for CfC Stanbic Bank, CfC Life, CfC Financial Services and Heritage Insurance. Soundararajan will continue to provide consultancy services to CfC Stanbic Holdings going forward.

Commenting on his exit form CfC Stanbic Soundararajan said “As I leave CfC Stanbic to pursue other interests I have the satisfaction of having played a crucial role in the evolution of CfC as a credible financial services conglomerate paving the way for the landmark merger transaction between CfC and Stanbic. My stint with CfC and CfC Stanbic has been gratifying and the experience I have gained has been invaluable”.

Upon his new appointment, Kitili Mbathi said, “I am pleased to take on this additional role as the Managing Director of the CfC Stanbic Group. I have enjoyed a close working relationship with Soundy who has made immeasurable contributions to the banking industry in Kenya. Soundy has been in the fore front of the CfC and Stanbic bank merger transaction that created the fourth largest bank in Kenya and the CfC Stanbic Holdings team highly appreciate his contribution and wish him all the best”.

Kitili Mbathi was the Managing Director of Stanbic Bank in Uganda for six years before his recent appointment as the Regional Managing Director in charge of Kenya, Tanzania, Uganda and Mauritius.

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