James Mwangi steps back from Equity Bank top job, will now head Group

Equity Bank has named Polycarp Igathe as the new Managing Director of the Kenyan business in a shock move that will see James Mwangi move to the Group CEO and MD.

Igathe, former CEO Vivo energy joined Equity in May this year after he quit being the Nairobi County Deputy Governor.

Related: Equity Plans to axe out physical branches by 2020

This comes after Equity appointed former Group Director of Strategy, Legal Services and Company Secretary Mary Wamae as Group Executive Director to oversee the Group’s subsidiaries, who will basically run the regional branches.

Mr. Mwangi looks to have lost direct control of the Bank he helped build from an insolvent building society.

His stepping back also follows the exit of former Chair Peter Munga who also left Equity this year.

Equity Bank 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.

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