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    Guaranty Trust Bank Kenya is looking for a new managing director after its Nigerian parent recalled Jubril Adeniji at the end of his tenure, triggering a leadership transition at the lender as it seeks to expand its Kenyan presence.

    Adeniji will remain in office for the next 90 days while the bank seeks regulatory approval for a successor, the lender said in a statement on Monday. He was appointed to the role in 2023, after previously serving as the managing director of the lender’s Tanzanian subsidiary.

    His departure comes after a tenure in which GTBank Kenya sought to strengthen its balance sheet and reposition the business for growth. The bank said it improved the quality of its loan book, tightened internal controls and governance, and began implementing a new strategy to increase market share.

    “The Board extends its sincere appreciation to Adeniji for his contribution, leadership and dedicated service,” the bank said.

    The transition leaves one of the smaller foreign-owned lenders in Kenya searching for a new chief executive at a time when competition is intensifying across the banking sector, with lenders investing heavily in digital banking. Regulators are also pushing for stronger capital buffers.

    The board did not name Adeniji’s successor or indicate whether the replacement would come from within the Kenyan business or the wider GTCO Group. Any appointment of a new managing director will require approval from the Central Bank of Kenya (CBK).

    “The Board wishes to assure customers, employees, regulators, shareholders and all stakeholders that GTBank Kenya’s operations remain stable and uninterrupted,” the bank said.

    The leadership change comes as Kenyan banks continue to change their executive teams amid higher regulatory capital requirements and an increasingly digital banking landscape. 

    In recent weeks, former Absa Bank Kenya chief executive Abdi Mohamed was appointed chief executive of I&M Bank Kenya, subject to regulatory approval, after he departed from Absa, while Stanbic Bank Kenya named former Safaricom executive Michael Mutiga as its new chief executive. 

    Nigerian fintech Moniepoint has also hired former Branch Kenya chief executive Rose Muturi to lead its Kenyan operations as it builds out its banking business following the acquisition of Sumac Microfinance Bank. 

    In February, Absa Bank tapped former M-PESA Africa CEO Sitoyo Lopokoiyit to head its Personal and Private Banking arm.

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