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BY JOAN WANJIKU,NAIROBI,6TH JUNE,2018- The Board of Equity Group Holdings Plc has announced the retirement of its Founder and Chairman of the Group Dr. Peter Kahara Munga and the appointment of Mr. David Ansell Vice Chairman of the Group as Chairman Designate.
Dr. Munga who has been the Founder Chairman since 1984 expressed his desire to retire from the Board to mark his 35 years of service as he celebrates his 75th birthday. Dr. Munga and Mr. Ansell will work collaboratively to ensure a smooth transition is completed by the time of the next AGM in 2019.
In a statement sent to the press on Wednesday,the Board thanked Dr Munga for his leadership and wisdom which led the bank from a small village building society to become the largest financial services provider in the region. In their tribute, the Board appreciated his long service, wisdom and leadership style which allowed them to discuss matters openly and candidly in an environment of trust.
They further added that he had created an environment and strong governance structure with the ability to attract talent both at the Board level and at the executive level.
Dr. Peter Munga is the Founder Chairman of Equity and dedicated 35 years of his life to the leadership of the Board. The Board celebrated his leadership as one of full engagement, devotion, dedication and passion towards the Equity vision of transforming the lives and livelihoods of the people of Africa.
In his 35 years of outstanding service, Dr. Munga has led the bank through dynamic times in the banking industry, starting with its critical role in democratizing banking in Kenya and the region. He retires at a time when Equity Group is a market leader at its peak, having set a trend of winning national, regional and global awards and accolades.
In 2007, Equity won the Global Vision Award and was cited as a concept of the future that will shape the world economy. In 2008, it was named the African Business of the Year by the African Business Council.
In 2012, Equity Bank was recognized by Ernst and Young as the World Business Enterprise of the Year, while the CEO Dr. James Mwangi was named the World Entrepreneur of the Year.
He is credited with seeing Equity bank since its inception as a cooperative society to a giant in financial business in the world and especially Africa it is today. Equity Bank is ranked position 11 globally on Return on Assets, position 45 on Profits on Capital and position 37 on soundness or Capital Assets Ratio.
In 2018, The bank was recognized by the Banker Awards as the Best Commercial Bank in Kenya and East Africa, the bank with the Best Digital Offering in East Africa and the Most Innovative Bank in Kenya. Dr. James Mwangi was for the second year in a row awarded the Banker of the Year.