Summary
- Mr James Mwangi, who has been the managing director of both Equity Bank Kenya and Equity Group Holdings, will now only head the parent company which is listed on the Nairobi Securities Exchange.
- 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.
Equity Group’s chief commercial officer
Polycarp Igathe has been promoted to become the managing director of the
lender’s Kenyan operation as part of the company’s management and
operations restructuring.
Mr James Mwangi, who has been
the managing director of both Equity Bank Kenya and Equity Group
Holdings, will now only head the parent company which is listed on the
Nairobi Securities Exchange
.
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.
“This marks the completion of the group’s strategy of separating
the management of its subsidiaries from that of the holding company,”
Equity said in a statement.
“Mr James Mwangi will now
serve as the group chief executive and managing director providing
overall strategic direction and oversight to the group.”
Other banks that have started or completed similar operational and management changes include KCB Group
, I&M Holdings and NIC Group
.
The
changes have featured creation of new non-operating holding companies
which own the operating subsidiaries, freeing the parent firms to branch
out into non-banking businesses including stock brokerage and property
investments.
The restructuring moves allow the banks to overcome the restrictions placed on them under the Banking Act.
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