Polycarp Igathe appointed Equity Bank Kenya MD

Polycarp Igathe has been named the Managing Director of Equity Bank Kenya as the lender concluded a restructuring exercise to separate its subsidiaries from the holding company, Equity Bank Group.

Igathe, a former Nairobi deputy governor, joined the bank in July when he was appointed the Group Chief Commercial Officer.

In the same month,  long serving Group Director of Strategy, Legal Services and Company Secretary Mary Wangari Wamae was appointed the Group Executive Director overseeing the Group’s subsidiaries, sparking speculation Group Managing Director and CEO James Mwangi was executing a succession plan.

However, yesterday, a press statement announcing Igathe’s appointment said 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. 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. 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,” the statement quoted Mwangi as saying.

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Equity Bank is currently the largest bank in Eastern and Central Africa region with over 12.6Million customers, the largest in market capitalisation 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.