njuguna ndung ’ u : east africa – focus on risk, corporate governance, anti - money laundering and other challenges remarks by prof njuguna ndung ’ u, governor of the central bank of kenya, at the east africa risk and governance summit, nairobi, 13 may 2014. * * * mr. pawan hegde, managing director – governance risk and compliance, thomson reuters ; mr. paul muthaura, acting chief executive officer ; capital markets authority ; distinguished participants ; ladies and gentlemen : i am privileged to be with you this morning for this landmark summit. let me first convey the best wishes of the cabinet secretary, the national treasury, mr. henry rotich who was supposed to deliver the opening keynote speech today. due to emerging exigencies, the cabinet secretary, the national treasury has asked me to represent him this morning. let me also thank the organisers of this conference thompson reuters and the capital markets authority ( cma ). indeed the issues to be discussed at this conference on regional regulatory trends, corporate governance, anti - money laundering, combatting the financing of terrorism and fraud are close to the hearts of governments across the east african region. it is also very apt that the focus is east africa. this also coincides with the regional review group for africa and middle east of the financial action task force ( fatf ) doing their onsite visit on kenya. ladies and gentlemen : the east african community ( eac ) heads of state in november 2013 signed the east african monetary union ( eamu ) protocol. eamu will work for more integration and convergence by 2014. eamu ’ s success will, to a large extent, be anchored on a seamless, efficient and effective integrated financial services market. to build this market, eac member states must elevate their supervisory and legal frameworks and embrace global supervisory and regulatory standards that converge. however, global standards must also be customised to cater for our unique east african terrain. the east african central banks are this week meeting here in nairobi under the auspices of the eac monetary affairs committee to discuss some of the key building blocks essential for integrated banking, payments and financial market systems. the central banks will later this week launch the east african payments systems ( eaps ). eaps initially connecting the real time gross settlement systems of the eac countries, this will facilitate cross border trade and investment across the eac countries. this summit comes at a time when it can offer

njuguna ndung ’ u : how to bring down business costs in banking remarks by prof njuguna ndung ’ u, governor of the central bank of kenya, at the bank of india ’ s 105th foundation day celebrations, nairobi, 7 september 2010. * * * your excellency sibabrata tripathi, high commissioner of india to kenya ; dr. manu chandaria, chairman, bank of india local advisory committee ; mr. maganbhai dhodia, chief executive, bank of india, kenya ; the local advisory committee members ; management and staff of bank of india, kenya ; distinguished guests ; ladies and gentlemen : it is my pleasure to join you on this auspicious occasion celebrating bank of india ’ s 105th foundation day. i appreciate the invitation to share in the celebrations. allow me at the onset to commend the bank of india, its advisory committee members, management and staff for steering the institution from a single office in mumbai in 1906 to its current international status. kenya has benefited a lot in these developments. ladies and gentlemen : from 1969 the bank of india became public owned and has expanded in leaps and bounds to claim its position in the global market with 29 foreign offices, and more than 3, 200 branches, including 141 specialized branches and 48 zonal offices in india. in kenya, the bank has grown from the one branch established in mombasa in 1953, to the current four branches country wide. with regard to its kenya operations, i note that as at july 2010, the bank had an impressive asset portfolio of ksh. 17 billion and customer deposits of ksh. 14 billion, supported by a capital base of ksh. 2. 4 billion. mr. chairman : the impressive performance of bank of india is consistent with the continued commendable performance of kenya ’ s banking industry. some key highlights of this performance for the period from july 2009 to end of july 2010 are ; assets grew by 26 percent to stand at ksh. 1. 6 trillion ; total deposits grew by ksh. 270 billion, representing a 28 percent growth rate, to stand at ksh. 1. 2 trillion ; gross advances amounted to ksh. 848 billion, having grown by ksh. 128 billion from a similar period in 2009 ; a profit before tax of ksh. 42. 8 billion was registered in the last seven months compared to ksh. 28. 5 billion in july 2009, a