Polycarp Appointed MD of Equity Bank to Oversee 75 Percent of the Group’s Assets

Polycarp Igathe, on September 20 was appointed as the Managing Director of Equity Bank Kenya five months after joining the group.

His confirmation marks the completion of the Group’s strategy of separating the management of its subsidiaries from that of the Holding Company where Dr. James Mwangi will now serve as the Group Chief Executive and Managing Director providing overall strategic direction and oversight to the Group.

According to Dr. James Mwangi, 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 result 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,” he said.

With more than 12.6 million customers, Equity Bank is currently the largest bank in Eastern and Central Africa, the largest in market capitalization and the second largest in the 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.

The bank holds most of the Group’s business and contributes over 80 percent of the profitability. 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.

The Bank has been named the Top Banking Superbrand in Kenya for ten years in a row since 2007. Moody’s gave it 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.

With Polycarp’s leadership skill and commitment at Equity Bank, the Group is bound for more greatness.