Rakesh Jha has quit his position as Managing Director of Barclays Bank.
Jha will be replaced by Mian Nazim Mahmood as Interim head, according to a media release dated July 15, as the search for a permanent successor gets underway.
The seasoned banker cited personal reasons to leave the position for which he has been receiving a monthly payment of Shs148.6 million as of January 2019. This has hitherto made him the highest paid local bank MD.
“Five years has been more than sufficient time for me to occupy this office. Departing was a personal decision, which was painful to make, but the timing is right for my family, as I pursue my dreams to start something of my own,” he said.
He has been credited for ‘introducing the latest banking technology and products for customers’ during his five year tenure.
These include CashSend which enables customers to send money to non-bank customers using the banks ATMs, among others.
“He has worked tirelessly to improve the value of the bank and we greatly appreciate his efforts,” Barclays Board Chairman Swithin Munyantwali said.
He is now expected to work closely with Nazim – who boasts over 20 years of international experience – to ensure a smooth handover as the bank transitions from Barclays to Absa.