Polycarp Igathe has been promoted just five months after joining Equity Bank as the chief operating officer.
The former Nairobi deputy governor has been named the Managing Director of Equity Bank Kenya to mark the completion of the Group’s strategy of separating the management of its subsidiaries from that of the Holding Company.
Dr James Mwangi, who has been the managing director of both Equity Bank Kenya and Equity Group Holdings, will now only head the parent company as Chief Executive and Managing Director providing overall strategic direction and oversight to the Group.
While unveiling the changes on Thursday, Mr Mwangi hailed Igathe as having distinguished himself as a results-oriented and committed business leader.
“Polycarp’s strong values and passion have enabled him to quickly fit well in the Equity Group organisational culture,” said Mwangi.
“He is renowned for fostering productive partnerships with external stakeholders and customers, resulting in delivery of outstanding company results”
He added: “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.”
Equity Bank Kenya holds the lion share of the Group’s business and contributes over 80pc of the profitability.
The changes effected by Equity are part of reforms being undertaken by Kenyan multinational banks to boost management focus of the subsidiaries and their supervision by their parent companies.
Other banks that have started or completed similar operational and management changes include KCB Group, I&M Holdings, and NIC Group.