njuguna ndung ’ u : consolidated bank of kenya ’ s new look remarks by prof njuguna ndung ’ u, governor of the central bank of kenya, at the unveiling of the consolidated bank of kenya ’ s new look, nairobi, 4 june 2010. * * * eunice kagane, chairlady, consolidated bank of kenya ltd ; mr. david ndegwa wachira, chief executive officer, consolidated bank of kenya ltd ; board members ; management and staff ; distinguished guests ; ladies and gentlemen : 1. i am delighted to have been invited to this auspicious occasion of unveiling the new look of consolidated bank of kenya. allow me at this early juncture to commend the board, management and staff of consolidated bank of kenya for their contribution in the growth of the institution from the reigns of the failed institutions of the 1980 ’ s to where it is currently. it is a stark reminder of our failures in the past and how we have managed to turn it into an opportunity. the re - branding identity is a significant development aimed at achieving this goal. 2. i am aware that consolidated bank of kenya has come a long way since it was incorporated in 1989 under the financial sector reform program established by the government with the objective of taking over and re - structuring various troubled institutions. the process of rationalising, reorganising and re - structuring of the failed institutions into a viable professionally managed commercial bank was initially expected to take about five years and thereafter its shares were to be sold to the public. however, the institution ’ s mandate was changed in 2001 to operate as a fully fledged commercial bank offering a full range of both retail and corporate banking services. 3. the banking industry has become very competitive in the recent past and for you to compete effectively within your market niche you need to keep abreast of various innovative technological advancements that will support the service platform of your market niche. it is therefore important that this re - branding is seen not only in terms of a corporate identity but should also reflect an improved service delivery by the institution as well. 4. the government of kenya unveiled the country ’ s development blueprint, “ vision 2030 ” in 2008. the vision for the financial sector is to “ create a vibrant and globally competitive financial sector, driving high levels of savings and financing kenya ’ s investment needs ” to achieve this, the banking sector is expected to increase efficiency and

. the central bank of kenya through its capacity building arm – the kenya school of monetary studies ( ksms ) intends to develop a certified agricultural finance program in collaboration with compete – usaid. this program will be suitable for agricultural officers as well as credit officers. this is important in developing the critical mass of human capital that fully understands agribusiness, such as agribusiness cycles, risk management practices, farm cash - flows and finance and insurance. this will support farmers and also develop a strong drive to lift the policy paradigm in this area. but the wider scope of monetary policy support is not in doubt. finally, distinguished guests, ladies and gentlemen, i would like to conclude my brief remarks by wishing all of you fruitful deliberations this morning. thank you very much for your kind attention.