September 21, 2018 - 12:50 PM
Fives months after joining Equity Group Holdings, Polycarp Igathe has been confirmed and named the Managing Director of Equity Bank Kenya.
This marks the completion of the Group’s strategy of separating the management of its subsidiaries from that of the Holding Company. Dr James Mwangi will now serve as the Group Chief Executive and Managing Director providing overall strategic direction and oversight to the Group.
“The Board has completed the process of separating the operations and management of the Kenya subsidiary from that of the Group and appointed Polycarp the Managing Director of Equity Bank Kenya. Polycarp’s strong values and passion have enabled him to quickly fit well in the Equity Group organizational culture,” Dr Mwangi said.
He said Igathe had distinguished himself as a results oriented and committed business leader who is renowned for fostering productive partnerships with external stakeholders and customers, resulting in delivery of outstanding company results.
Dr Mwangi further said the new MD was taking over a very successful subsidiary and market leader.
“We believe he has the skills, competence, capability and vision to retain Equity Bank Kenya in its leadership position while taking it to the next level,” he added.
Equity Bank is currently the largest bank in Eastern and Central Africa region with over 12.6Million customers, the largest in market capitalization and the second largest in balance sheet. It is listed at the Nairobi securities exchange and cross listed in Uganda Stock Exchange and Rwanda Stock Exchange. It has banking subsidiaries in Kenya, Uganda, Tanzania, Rwanda, South Sudan and DRC.
Equity Bank Kenya holds the lion share of the Group’s business and contributes over 80% of the profitability. It is the first subsidiary of Equity Group Holdings Plc which has become a case study of excellence in growth management and transformation from a technically insolvent building society to a globally competitive bank.
The Bank has been named the Top Banking Superbrand in Kenya for ten years in a row since 2007. Moody’s gave the bank a global rating of B2 with a Stable outlook same as the sovereign rating of the Kenya Government in 2017.