Zachary Ochuodho @zachuodho
Equity Bank Group founder and chairman Peter Munga has retired from the board after 35 years of service. He has been replaced by David Ansell, who has been the vice chairman.
The lender said Munga, who has been the chairman since 1984, expressed his desire to retire from the board to mark his 35 years of service as he celebrates his 75th birthday.
It said Munga and Ansell will work collaboratively to ensure a smooth transition is completed by the time of the next Annual General Meeting next year.
In their tribute, the board appreciated Munga’s service, wisdom and leadership style, which allowed them to discuss issues related to the company in an open and candid environment of trust, which enables the bank to attract talents both at the board level and executive level.
According to the board, Munga 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.
Munga founded Equity Building Society (EBS) in Kangema, Muranga County in 1984. By the time, he started EBS, Munga had only Sh5,000 (about $50) – which used as working capital.
In 1993, Munga, as chairman of EBS, he hired Dr James Mwangi – the current group chief executive officer to wind up the insolvent organisation. At the time, EBS was losing Sh5 million annually and had accumulated total losses of Sh33 million.
Munga resigned as an assistant secretary in the Ministry of Water in 1993 to concentrate on the running of the firm. In 2004, under his watch, EBS changed to become Equity Bank and two years later, it was listed on the Nairobi Securities Exchange (NSE).
On June 18, 2009, the bank’s stock was cross-listed on the Uganda Securities Exchange and started trading that day, under the symbol EBL. To date, the bank group holding has subsidiaries in Kenya, Uganda, Tanzania, DR Congo, Rwanda and South Sudan.
As the chairman, Equity Group, won several awards and received accolades as the market leader in locally, regionally and globally.
Dr Munga saw Equity grow from a rural building society ranked position 66 out of 66 when only two per cent had access to banking services to become a leader in the banking industry with a market capitalisation of Sh213 billion and Sh528 billion in asset base.
Ansell, a Kenyan-American, has been serving as the non-executive vice-chairman. He holds bachelor’s degree in mathematics and Finance from the University of North Carolina at Wilmington and Thunderbird Graduate School of International Management respectively.