Polycarp Igathe is now 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. Following this development, Dr. James Mwangi will now serve as the group’s Chief Executive Officer and Managing Director providing overall strategic direction and oversight.
Speaking while making the announcement, Dr. Mwangi said: “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 in the Equity Group’s organizational culture. He has distinguished himself as a result oriented and committed business leader who is renowned for fostering productive partnerships with external stakeholders and customers, resulting in the delivery of outstanding company results. He has taken over a very successful subsidiary and market leader. We believe he has the skill, competence, capability, and vision to retain Equity Bank Kenya in its leadership position while taking it to the next level.”
At 12.6 million, Equity Bank currently has the largest customer base in the Eastern and Central Africa region. It is also the largest bank by market capitalization, while its balance sheet is the second largest. The lender 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.