Former SRC boss Serem takes over as Postbank chair

Saturday, January 28th, 2023 05:20 | By

Former Salaries and Renumeration Commission boss Sarah Serem has taken over as the Chairperson of the Kenya Post Office Savings Bank (Postbank).

Serem who also served as Kenya’s ambassador to China was appointed to the position on Jan 13, 2023. She replaces Ntoros Baari Ole Senteu who served as the bank’s board chairperson for three years. Joining the list of other appointees so far announced by President William Ruto’s government, Serem faces a daunting task of reviving the financially distressed State-owned financial institution.

Post Bank was declared insolvent in November 2022 by the Auditor General Nancy Gathungu following low liquidity ratio and high cases of fraud.

However, while taking over yesterday Serem exuded confidence, promising to use her wealth of management experience to turn around the institution and make it competitive in the local financial sector.

Style of leadership

Various government circles welcomed her appointment, saying Serem has the stamina to engineer application of new style of leadership to save from total collapse.  

Known for her no-nonsense approach when it comes to management, the former ambassador is equally expected to push for implementation of new strategies to advance savings as part of a bigger Government approach to boost national savings.

Speaking at Postbank headquarters during the official assumption of office, Serem expressed delight at the appointment and is looking forward to a rigorous three-year term.

“I look forward to working with the bank’s leadership to meet our customers’ and stakeholders’ needs as well as advance the savings agenda of the country seeing as we are the institution mandated by the Government to mobilise national savings”, she said.

“Looking into the future, I see a great opportunity for Postbank. Kenya’s economy is responding positively to the economic shocks following the Covid-19 pandemic and the Russia-Ukraine war. This growth momentum continues to generate business opportunities for the financial sector which will benefit Postbank and other financial institutions” she added.

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