Listed lender NIC Bank Limited has appointed Mr. Jerry Simu into the newly created position of Director of Investment Banking (subject to regulatory approval). Mr. Simu will be responsible for both the investment banking business under NIC Capital and the stock brokerage business under NIC Securities. He will also be charged with expanding the product set available to a growing set of corporate clients.
Mr. Simu, who joins the Bank’s Executive Committee, brings on board 16 years of extensive experience in Investment Banking. Prior to this appointment, he held various senior management positions at HSBC where his last position was Managing Director, Sub Sahara Africa and Head of Africa Representative Offices.
The Bank has also appointed Robert Kibaara as the Director Retail Banking. Mr Kibaara brings on board 21 years of extensive banking experience having held various senior management positions with Barclays Bank, Standard Chartered Bank and National Bank of Kenya.
NIC Bank Group Managing Director John Gachora announced the new appointments noting the directors bring on board extensive leadership experience and background to strengthen the banks executive team as well as help drive the banks growth strategy especially in investment and retail banking.
“We have seen a rising appetite in the market for investment banking services, especially capital raising and we want to ensure we are well placed to dominate this business. Furthermore a number of our corporate clients are eager to tap into an expanded product offering,” he said. “Bringing the two subsidiaries under one department the bank could leverage on the synergies between the two and expand product offering to cater for the growing corporate customer base.”
Mr. Simu holds a Bachelor of Science in Business Administration from the United States International University (USIU), a MSc. in Corporate Finance from University of Salford, UK, and MSc. International Corporate Finance from University of Reading.
While Mr Kibaara holds a Bachelor of Arts Degree in Banking from the University of Sunderland in the UK, a graduate diploma in Marketing from Chartered Institute of Marketing in UK and is currently pursuing a Masters of Business Administration degree in Edinburgh Business School.