Equity Group Billionaire Founder Peter Munga Retires after 35-Year Stint

Equity Group founder and Chairman Peter Munga is set to leave the bank after more than 30 years of service, the company has announced.

Equity said Munga, who has been its Founder Chairman since 1984, will proceed on retirement, with Ansell David Ansell taking over from him as Chairman designate.

Munga expressed his wish to exit the institution to mark his 35-year service as he celebrates his 75th birthday. Munga and Mr. Ansell will be working together in the coming months to ensure a smooth hand over by the time of the next Annual General Meeting (AGM) in 2019.

“The Board appreciated his leadership and wisdom which led the bank from a small village building society to become the largest financial services provider in the region,” reads the statement from the Bank.

Munga has steered the banking firm from a small village building society to one of the largest financial services provider in the country and region.

“He retires at a time when Equity Group is a market leader at its peak, having set a trend of winning national, regional and global awards and accolades.”
Munga is said to be one of the wealthiest Kenyans, with his expansive business empire spanning across finance, insurance, education, and agriculture sectors. His shares at Equity Bank and Britam stood at more than Sh1 billion in 2013.

In a past interview, he said he holds education so dear to his heart, which is evident in the Wings to Fly Program launched by Equity Bank. It offers scholarships to bright and needy students.

“I started this idea when I used to pay school fees for children from my area as part of my dedication to empower the community,” he said. “Education is the key to breaking the vicious circle of poverty,” he says.