Regional lender KCB has appointed Joshua Oigara as its new CEO, replacing Martin odour Otieno who steps down from the helm of the East Africa’s biggest bank by assets on January 1, 2013.

Mr Oigara, 37, who until his appointment was the bank’s Chief Finance Officer joined KCB last year from Bamburi, where he served as the Finance director.

“We believe he will take the bank to a new level, especially as he understands issues facing the bank and also given he has been part of the team developing our regional strategy,” said Musa Ndeto, the bank’s chairman.

His appointment comes only a day after Barclays bank appointed Jeremy Awori as the new chief executive officer (CEO) for its Kenyan operations, replacing Adan Mohamed who takes up a new role in the lender’s sub-Saharan business. KCB’s net profit grew 45.6 per cent to Ksh9.3 billion ($109 million) while its closest competitor, Equity bank, saw its net earnings jumpe13.8 per cent to Ksh8.3 billion ($97 million).

Barclays bank net earnings grew 2.2 per cent to Ksh6.2 billion ($75.2 million) in the period to September, Standard Chartered’s net earnings were up 66.3 per cent to Ksh6.4 billion ($157 million).

The regional lender started recruiting for the position two months ago, following a decision by the current CEO Mr Oduor-Otieno not to seek renewal of his contract that is expected to expire in April 2013.

“The position attracted a lot of interest from high calibre candidates from all over the world…but in the end the Board settled on Mr Oigara,” said Mr Ndeto.