Munya extends ex-Chase Bank boss’s tenure at KIE

Trade and Industrialisation Cabinet Secretary Peter Munya on Friday appointed a former top executive director of the troubled Chase Bank (now SBM Bank Kenya) for a second three-year term at the helm of a key State enterprise financier.

Parmain ole Narikae was first appointed to the Kenya Industrial Estates (KIE) chief executive officer post in 2016 by former Industrialisation secretary Adan Mohamed.

He was the director of external and regulatory affairs at Chase Bank when it went bust in 2016.

The Mauritian lender SBM Holdings has since bought out the collapsed lender and renamed it SBM Bank Kenya.

“In exercise of the powers conferred by the State Corporations Act, the Cabinet Secretary for Industry, Trade and Co-operatives appoints— Parmaindle Narikae (Dr) to be the managing director of the Kenya Industrial Estates Limited, for a period of three years, with effect from September 5, 2019,” said Mr Munya in a gazette notice dated August 27, 2019.

KIE was established in 1967 with the mandate of promoting industrialisation through indigenous enterprise development.

The agency’s mandate is listed as providing industrial parks, medium to long-term financing, business advisory and training services.