Equity Group founder and Chairman Peter Munga has announced his retirement from the bank after 35 years of service. His position has been taken by current Vice-Chairman David Ansell, who will serve as chairman designate.
The bank said Mr Munga, who founded the bank in 1984 as Equity Building Society, expressed his desire to retire from the board as he celebrated his 75th birthday.
Equity Group said Mr Munga opted to retire from the bank he helped found as a building society in 1984 in Kangema, Murang’a.
“Mr 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,” Equity Bank said in a statement.
His retirement came as a surprise because he successfully sought re-election at the lender’s AGM barely a month ago.
The Equity Bank founder cut his stake to 0.4 per cent in December from 3.2 per cent during the lender’s listing at the Nairobi bourse in August 2006.