In May this year, Polycarp Igathe raised a storm when he resigned as Nairobi Deputy Governor barely six months into office saying he had failed to gain the much-needed trust from Governor Mike Mbuvi.
Polycarp is now managing director of tier one lender Equity Bank Kenya. Having joined the bank just five months ago, as the chief operating officer, Mr Igathe is proof that quitting a job can be cool after all – his came after a short stint in politics.
He was named in a process where the financial institution is separating the management of its subsidiaries from the holding company. James Mwangi, who is the group CEO and MD (tasked with providing overall strategic direction and oversight to the group), while unveiling the structural changes said that Igathe’s strong values and passion have enabled him to quickly fit well in the Equity Group organisational culture.
A results-oriented and committed business leader, Mr Igathe is expected to drive Equity Bank Kenya, a division which has since not only contributed over 80% of the group’s profitability but also holds the lion share of the business in general. This is coming at a time when the banker’s board has completed the process of separating the operations and management of the Kenya subsidiary from that of the Group.
The Nairobi Stock Exchange listed Equity Bank boasts of more than 12.6 million customers spread across the Eastern and Central Africa region. It is also cross-listed in Uganda Stock Exchange and Rwanda Stock Exchange with subsidiaries in Kenya, Uganda, Tanzania, Rwanda, South Sudan, and Democratic Republic of the Congo.
“He is renowned for fostering productive partnerships with external stakeholders and customers, resulting in delivery of outstanding company results. 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,” said Dr Mwangi.