Family bank has appointed architect Francis Mutai Mungai as the new chairman of its board of directors, subject to regulatory approvals, taking over from long-serving Chairman Dr. Wilfred Kiboro who will be retiring.
Mr Mungai, a holder of 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, joined the board of Family Bank Limited in 2016 and has been serving as the Vice Chairman for the last two years.
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, with a knack on architecture and contract management.it is also important to note that 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.
At Family bank, Mungai has chaired the Credit Committee and the IT and Projects Committee. He has also served as a member of the Human Resource Committee. Dr. Kiboro’s retirement comes at a time when banks are facing myriad challenges including that of high default rates, high taxes and tough economic environment.
It is interesting that, since 2012, Dr. Kiboro has achieved various milestones, including extensive expansion of the lender’s network from 68 to 95 branches in 2024 and steered it through challenging times such as the COVID 19 Pandemic, and the banking sector crisis in 2016.
Under his chairmanship, the financial institution also issued two corporate bonds in 2015 and in 2021, raising Sh2 billion and Sh4 billion respectively and recorded an asset growth base of Sh31 billion in 2012, to Sh142 billion in 2023, while profitability grew from Sh561 million in 2012 to Sh2.5 billion in 2023.
During his tenure, the bank’s balance sheet hit the $1 billion mark and to further drive shareholder value, the lender incorporated Family Bank Bancassurance Intermediary Limited – which now contributes significantly to the Bank’s profitability.
Kiboro has also been instrumental in the establishment of The Family Group Foundation which has been a catalyst of transformative change through sustainable community investment programmes.
