Family Bank Appoints New Board Chair

by Business Watch Team
Family Bank

Family Bank Board of Directors has appointed Architect Francis Gitau Mungai as the new Chairman of the Board of Directors, subject to regulatory approvals, taking over from long-serving Chairman Dr. Wilfred Kiboro.

Dr. Wilfred Kiboro will be retiring after serving as the Board Chairman since 2012. Dr. Kiboro has been instrumental in the achievement of various milestones including extensive expansion of the Bank’s network from 68 branches to 95 branches in 2024 and steered the Bank through challenging times such as the COVID-19 Pandemic, and the banking sector crisis in 2016. Under Dr. Kiboro’s chairmanship, the Bank also successfully issued two corporate bonds in 2015 and 2021, raising KES. 2 billion and KES. 4 billion respectively, and grown from an asset base of KES. 31 billion in 2012, to KES. 142 billion in 2023, while profitability grew from KES. 561 million in 2012 to KES. 2.5 billion in 2023.

During his tenure, the Bank’s balance sheet hit the USD 1 Billion mark and to further drive shareholder value, the Bank incorporated Family Bank Bancassurance Intermediary Limited which now contributes significantly to the Bank’s profitability. He has also been instrumental in the establishment of The Family Group Foundation which has been a catalyst of transformative change through sustainable community investment programs.

Arch. Gitau Mungai joined the Board of Family Bank Limited in 2016 and has been serving as the Vice Chairman for the last two years. He has chaired the Board’s Credit Committee and the IT and Projects Committee. He has also served as a member of the Human Resource Committee. He is a seasoned professional with over 30 years of expertise in architecture and contract management. He is a founding partner of Aaki Consultants, Architects, and Urban Designers and has held leadership roles with renowned firms such as Triad Architects in Nairobi and Urban Innovation Group (UIG) in Los Angeles.

Arch. Francis Mungai holds a Master’s Degree in Architecture from the University of California, Los Angeles (UCLA) and a Bachelor of Architecture degree with First-Class Honours from the University of Nairobi. He is also a Fellow of the Architectural Association of Kenya (FAAK) and registered by the Board of Registration of Architects & Quantity Surveyors (BORAQS) in Kenya.

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