Home Business Polycarp Igathe Appointed Managing Director of Equity Bank: Succession in Play?

Polycarp Igathe Appointed Managing Director of Equity Bank: Succession in Play?

by Femme Staff
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Polycarp Igathe has this September 2018 been affirmed as the Managing Director of Equity Bank Kenya five months after joining the Equity Group. The transition marks Equity’s strategy of the separation of the subsidiaries from the Holding Company itself.

Dr. James Mwangi, who will now serve as the Group Chief Executive and Managing Director providing overall strategic direction and oversight to the Group said that 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.

According to Dr. Mwangi, it is through Polycarp’s strong values and passion that have driven him to ease and fit quickly in Equity Group. He says that Polycarp has differentiated himself as a person with clear goals and is result oriented.

Polycarp is a committed business leader renowned for fostering productive partnerships with external stakeholders and customers, resulting in the delivery of outstanding company results. His position in Equity Group saw him take a very successful subsidiary and market leader, which is why he possesses the skills, competence, capability, and vision to retain Equity Bank Kenya in its leadership position while taking it to the next level.

Currently, Equity Bank has over 12.6 million customers and branches in Kenya, Uganda, Tanzania, Rwanda, South Sudan, and DRC, making it one of the largest banks in Eastern and Central Africa. It is listed at the Nairobi securities exchange including in Uganda Stock Exchange and Rwanda Stock Exchange.

The Bank contributes the most of the Group’s shares with more than 80 percent in profits. 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.

Equity Bank has been named the Top Banking Superbrand in Kenya for ten years in a row since 2007. It was given a rating of B2 by Moody’s 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.

It has had other remarkable ratings as well and with Polycarp Igathe’s new position and dedication, it is bound to soar even higher.

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