Former Nairobi Deputy Governor Polycarp Igathe who joined Equity Group as Chief Commercial Officer has been appointed Managing Director of Equity Bank Kenya.
The move 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.
Speaking while making the announcement, Dr. Mwangi said Polycarp’s strong values and passion have enabled him to quickly fit well in the Equity Group organizational culture. “He has 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. He has taken over a very successful subsidiary and market leader.”
Equity Bank is currently the largest bank in Eastern and Central Africa region with over 12.6 million 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 per cent of the profitability. 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. Global Credit Rating Co. (GCR) rated the bank AA- for long-term and A1+ for short term, with a stable outlook reflecting the Group’s strong competitive position in Kenya’s banking industry in 2017-2018.