The move follows the launch of its life insurance business, Equity Life Assurance Kenya (ELAK), last year. Citing milestones achieved by the life insurance business, the financial services group explained that it had now set its sights on a successful foray into general insurance.

Mr Gerald Warui became Equity Bank Kenya’s 4th managing director. He rose to the top position following the resignation of Polycarp Igathe, who rejoined his previous employer, Vivo, to take up the newly created role as Executive Vice President of Sales and Marketing for Africa.

Kirubi has spent 21 years at Equity Group, taking on roles across operations, marketing, service and management. He started off as an intern as part of the Equity Leaders Program (ELP).

"I joined Equity when it was a building society in 1991 with a vision to bring financial inclusion in Kenya," he noted.

"We will be funding Kenyan importers or South African firms that want to export into the regions we operate in or those that want to do partnership in the region. We are inviting them as new investors in the regions,” Equity CEO James Mwangi disclosed.

The High Court, in upholding the judgement of the Tribunal agreed with KRA’s submissions that the ESOP confers a benefit to an employee and the benefit to the employee arises from the fact that value of shares, whether or not they are issued at a discount, would ordinarily appreciate at the time of vesting.