OUR LEADERSHIP TEAMS
Leadership
Company Structure
Corporate Governance
CIB Kenya is committed to maintaining the highest standards of corporate governance, in line with the Central Bank of Kenya (CBK) guidelines and international best practices. The Bank’s governance structure is designed to ensure accountability, transparency, and effective oversight across all levels of the organization.
Board of Directors and Subcommittees
CIB Kenya Board committees assist the board in fulfilling board’s responsibilities. Each Committee Chairperson is responsible for briefing the Board of Directors about the key issues and highlights raised in the respective committees. The terms of reference for each committee are an integral part of each committee’s duties.
Board Audit Committee (BAC)
This is a CBK mandated Committee of the Board. The BAC meets at least once every quarter, and its main responsibilities is providing oversight over the integrity of the Bank’s financial reporting process, the effectiveness of the Bank’s internal control systems, and its compliance with all statutory requirements among other duties.
Board Risk Management Committee (BRMC)
This is also a CBK mandated committee of the Board. The main responsibilities include overseeing and ensuring the effectiveness of the risk management framework, an effective process for identifying, assessing, and mitigating risks, and the adequacy of the risk management methodologies. Oversee senior management’s activities in managing strategic, credit, market, liquidity, operational, cyber security, legal, reputational, and other risks facing or might be facing the bank; Concur on risk policies and make necessary recommendations to the board regarding all risk-related responsibilities, including the review of major risk management requirements.
Board Credit Committee (BCC)
As a CBK mandated committee of the Board, BCC is responsible for overseeing and monitoring the lending policy of the bank, ensuring adequate provisions for bad and doubtful debts, minimizing credit losses, and maximizing recoveries; ensuring that credit function is professionally and effectively managed for business growth and in compliance with internal policy and external and statutory regulations; formulating the bank’s broad credit risk parameters and limits for consideration and approval by the board; Assisting the Board in monitoring the quality of the credit portfolio, overseeing compliance with the regulatory requirements, reviewing credit risk appetite, ensuring it supports the bank’s long-term strategy, and considering all issues that may materially impact the bank’s credit risk management.
Board Nomination & Human Resources Committee (BNHRC)
The major responsibilities of the board’s Human Resources and Nomination Committee include reviewing the composition of the board to ensure a proper structure, a mix of skills and experience, diversity, and making necessary recommendations; and overseeing the compensation system’s design and operation on behalf of the Board of Directors.
Board Responsibilities
The competent and diverse Board of Directors is responsible for all bank activities. The Board effectively oversees the bank, guides its management team and committees, and receives reports from internal control departments and the unbiased assurance performed by its internal and external auditors. The Board liaises with and supports the Bank’s internal control functions and constructively uses outcomes and reports received by these functions to take the necessary corrective actions. The Board ensures the clear segregation of the roles and responsibilities of these functions, so that each one can communicate directly and independently with the Board. The responsibility of the Board is to ensure strategic direction, management supervision and adequate control of the Bank, with the goal of increasing the long-term value of the Bank.
Approving strategic plans and monitoring execution.
Ensuring compliance with legal and regulatory requirements.
Overseeing internal and external audit processes.
Monitoring risk management and internal control systems.
Ensuring transparency, accountability, and ethical standards.
Engaging with internal control functions and acting on assurance findings.
Bank Ownership
CIB Kenya Limited (formerly Mayfair-CIB) is an established commercial bank in the Republic of Kenya and was licensed by the Central Bank of Kenya in June 2017. In April 2020, CIB Egypt acquired 51% stake in Mayfair Bank Limited. The Bank was rebranded to Mayfair-CIB Bank Limited after the acquisition. In January 2023, CIB Egypt anchored its regional presence with the acquisition of the remaining 49 % stake in Mayfair CIB Bank Limited, making it the first fully owned subsidiary of CIB Egypt.
TIMELINE
April 2020
CIB Egypt acquired a 51% stake in Mayfair Bank Limited.
TIMELINE
January 2023
it acquired the remaining 49%, establishing CIB Kenya as CIB Egypt’s first fully owned regional subsidiary.
Senior Management
The bank’s senior management team effectively executes its governance obligations by executing the board’s strategy, implementing policies and procedures, and ensuring clear goals and objectives for each line of business function aligned with strategic direction. The senior management is responsible for overseeing the day-to-day activities and ensuring they are in line with the approved risk management framework and board strategy. The management is supported in carrying out its responsibilities through management committees, which provide the vital link between management and directors, serve as important channels of cascading board decisions to management-level staff, and communicate to directors the activities that management staff are engaged in as well as the risks involved.
Executive Committee (ExCo)
The Executive Management Committee is delegated by the CEO to run the Bank’s day-to-day operations and execute the bank strategy as approved by the Board and in compliance with the Bank’s policies.
Asset Liability Management Committee (ALCO)
The principal function of the Assets and Liabilities Committee (ALCO) is to make strategic decisions on the risk appetite of the bank’s business. The scope comprises of Investment risk, liquidity risk, interest rate risk, and foreign currency exchange
risk.
Executive Credit Committee (ECC)
The objectives of the Executive Credit Committee (ECC) are to review, oversee, decline, and approve the credit facilities in line with the Credit Risk Management
Policy approved by the Board.
Management Credit Committee (MCC)
The MCC is constituted with the primary purpose of overseeing and monitoring the Credit function of the bank, so as to ensure that it is professionally and effectively
managed for business growth and in compliance with internal policies and external and statutory regulations.
Non-Financial Risk and Compliance Committee (NFRCC)
The Non-Financial Risks and Compliance Committee (NFRCC) is formed to support the Risk and Compliance Departments in fulfilling their responsibility to ensure the coverage, oversight, monitoring of all Non-Financial Risks Operational, Conduct, Security (Cyber, Information and Physical), Reputation, Compliance, Vendor (Third Party), Technology (I.T.), Strategic, ESG, Fraud, Model, Data Protection, any new emerging Non-Financial Risks) and processes within all regulatory requirements.
Information Technology Steering Committee (ITSC)
The principal function of the Information Technology Steering Committee (ITSC) is to ensure that Information Technology (IT) strategies are consistent with the overall Bank’s business objectives. It shall have oversight of the development of IT policies,
controls and specific accountabilities consistent with the Bank’s Risk Management
Framework.
Data Protection Committee (DPC)
The (DPC) remit is to ensure achievement of effective compliance and best practice in relation to data protection across the Bank. DPC will also seek to manage and minimise risks of regulatory or legal exposure from data breach events.
IFRS9 Model Risk Committee
The Model Risk Committee is one of the key components of the IFRS 9 Governance Framework in implementing effective governance and controls in order to achieve compliance with the IFRS 9 Standard; and mitigate related risks, including but not limited to regulatory compliance, operation, credit, and financial reporting risk.
Environmental, Social and Governance Committee (ESGC)
The Environmental, Social and Governance Committee (ESGC) is formed to ensure existence and implementation of ESG strategy, architecture, and protocols to identify, analyze, and respond to areas which can affect the vision, mission, and strategic objectives of the organization.
Tender Award Committee (TAC)
The Tender Award Committee is established to provide oversight of all procurement engagements as governed by the procurement policy and processes as well as all associated Bank policies.
