Sidian Bank, a subsidiary of Centum Investments, has officially announced the departure of Mary-Ann Musangi from its board of directors.
This significant development follows the nomination of her husband, Andrew Musangi, as the Chairperson of the Central Bank of Kenya, marking a momentous transition in the Musangi family.
The decision to bid farewell to Mary-Ann Musangi, who has been a stalwart member of Sidian Bank's board for an impressive eight years, stems from the need to maintain transparency and uphold regulatory standards.
Her continued presence on the board could potentially raise concerns of undue influence and favouritism due to her husband's impending role in a crucial regulatory position.
Mary-Ann Musangi, however, leaves behind a lasting legacy of contributions that have left an indelible mark on Sidian Bank.
Notably, she played a pivotal role in the bank's rebranding journey from K-Rep Bank to Sidian Bank in 2016, a transformation that reflects her dedication to the institution.
Beyond her role in the banking sector, Mary-Ann holds the esteemed position of Managing Director at Haco Industries, a significant player within the late Chris Kirubi's business empire.
Her multifaceted career has been enriched by prior experiences at renowned organizations such as British pharmaceutical giant GlaxoSmithKline and the esteemed advertising and marketing agency Ogilvy & Mather.
Centum Investments CEO, James Mworia, conveyed his appreciation for Mary-Ann Musangi's invaluable contributions to the growth and development of the bank.
"As Mary-Ann embarks on a new chapter, we embrace her legacy of commitment to best practices in corporate governance that she leaves behind. Her unwavering support has been instrumental in shaping the bank’s journey through her participation in the board,” he stated.
This departure underscores the importance of maintaining a separation between regulatory institutions and affiliated organizations to ensure fairness and impartiality in the financial sector.
The move also serves as a testament to the commitment of both Sidian Bank and Mary-Ann Musangi to upholding the highest standards of corporate governance.
As Sidian Bank looks to the future, it bids farewell to one of its most dedicated and influential board members while embracing the challenges and opportunities that lie ahead in Kenya's dynamic financial landscape.