He has over 28 years of banking experience having spent 23 years in large and middle-sized treasuries in various African markets.
He has served in several treasury roles within Absa Group and the National Bank of Commerce in Tanzania.
The creation of this new position is coming at a time when the bank is expanding regionally in a bid to tap opportunities emerging from Africa Renaissance.
He is expected to leverage the Group's treasury functions and tap the synergies within the seven markets the lender operates.
This is expected to see the lender harmonise its operations to achieve uniform positive growth as regional units complement each other.
In the last financial year, the contribution of Group businesses (excluding KCB Bank Kenya) to the overall profitability was up to 36.7 per cent from 12.2 per cent.
Profit before tax from the businesses stood at Sh17.8 billion from Sh7 billion the previous year; an indication that regional expansion is paying off.
Generally, the Group posted Sh37.5 billion in net profit, with revenues growing by 27.2 per cent with strong funded and non-funded lines.
Its total assets crossed the Sh2 trillion mark with a 40 per cent growth to close at Sh2.17 trillion funded by an increase in customer deposits despite the tough operating environment.
Revenues increased to Sh165.2 billion, boosted by funded income from earning assets while non-funded income—growing by 33.9 per cent—was supported by increased transactions across the network, adoption of the digital banking and alternative channels, entry into other markets and trade finance business.
Net interest income increased by 23.9 per cent, withstanding the high cost of funds in the market.
Musila is also expected to put a close eye on the bank's investments in government papers and forex performance across the region.
Last year, KCB increased its investments in government papers to Sh397 billion from Sh295 billion in the previous financial year.
He is a certified currency and fixed-income trader through the ACI-Financial Markets (France) and an associate member of the Chartered Institute of Bankers (ACIB, UK).
He holds a BSc degree in Financial Services from the University of Manchester and an MBA from Manchester Business School.
