Sidian Bank taps Ex-CS Macharia as board chairman

Sidian Bank has appointed veteran banker and former cabinet secretary James Macharia as its new Chairman as part of a board overhaul as it seeks to transform into a leading market player, the fast-growing lender said on Wednesday.

Macharia, who has over four decades of experience in finance and served in two high-profile ministerial roles for 10 years during the Uhuru Kenyatta administration, takes over the role from James Mworia, the Group CEO of major shareholder Centum Investment Company Plc. Mworia will remain on the bank's board.

The chairman's change is part of a wider strategic refresh that also sees three new independent directors - economist Prof Paul Gachanja, Financial Consultant Apollo Ong’ara, and accounting firm Managing Partner Madhav Bhandari - joining the board.

"I’m happy to be joining Sidian Bank at a very exciting growth phase of the business," said Macharia in a statement.

Macharia's extensive career includes serving as Group Managing Director of NIC Bank Group, now part of NCBA Group Plc, where he oversaw its expansion into Tanzania and Uganda. 

He later moved into public service, holding the cabinet portfolios for Health and later the Transport, Infrastructure, Housing and Urban Development. 

In a farewell statement, outgoing chairman Mworia, said it had been "a great honour" to lead the board since 2014, a period during which the institution had transitioned from K-REP Bank to Sidian Bank. 

The board refresh signals a renewed push by Sidian Bank, in which Nairobi bourse-listed Centum is a top shareholder, to strengthen its governance and strategic direction in a competitive market.