According to Kenyan Wallstreet, Mr. Dennis Aluanga and Dr. Peter Munga will no longer serve as directors in the board of Equity Group Holdings.Investors reached an agreement regarding the matter during the Equity’s annual general meeting which was held on the 30th of April 2019.
Dr. Peter Munga who is the founder of Equity Group, has served as the chairman of Equity, since the bank began operations in 1984. Dr. Munga’s exit from office, is as a result of him surpassing the recommended retirement age for board members which is 70 years, as he is 76 years of age (according to Forbes).
During the Equity Bank’s Annual General Meeting (AGM), the shareholders agreed to award the departing Chair; Dr. Peter Munga, with 50 million Kenyan Shillings for his committed and dedicated service at the bank.
Mr. Dennis Aluanga who is the second director to depart from Equity’s board in 2019, took up the leadership position at the bank back in 2011 when he served as a non-executive director.
He is also a director at Nation Media Group, Vivo energy, and Helios Towers Tanzania.
According to the shareholders’ resolution passed on the 30th of April 2019, “Mr. Dennis Aluanga retires by rotation accordance with Articles 101 of the Company’s Memorandum and Articles of Association and has hereby ceased being a director of the Company.”
The bank posted a 6.2 billion Kenyan Shillings net profit in the first quarter of 2019, which is a 6 percent increase from 5.9 billion Kenyan Shillings posted in the previous year, as a result of the increase in operating expenses and growth in the amount of loan loss provisions.
In the first three months of 2019, Equity managed to grow its customer deposits by 5.8 billion Kenyan Shillings to reach 428.5 billion Kenyan Shillings, as well .
Equity Group has also made known, its intention(s), to get into the Ethiopian market.
Equity Bank’s CEO; James Mwangi, recently revealed that the Bank had sent a request to Ethiopian authorities seeking permission to operate in the country.
Equity Group is ranked as the largest bank in East Africa by the sheer number of its customers.
The bank, already has subsidiaries in neighbouring countries such as Tanzania, Uganda, Rwanda, South Sudan and DR Congo.
A large part of Ethiopia’s population do not have bank accounts and this fact, is what makes the Ethiopian market, attractive to investors.
The country’s banking sector is however, going through a transition to make it more conducive for prospective investors.
As a result, foreign banks like Equity Group and the KCB Group as well, have shown a keen interest in the market.
Equity’s Chief Executive; James Mwangi, also added that they are seeking final approval to begin operating in Mozambique and Zambia.
Equity bank in addition, has its eyes on seven other African nations where it plans to open businesses in the next three years.
