In a surprising development, Equity Bank Kenya has revealed the appointment of Moses Okoth Nyabanda as the acting managing director.
In an official statement on Friday, Equity Bank’s board declared that Mr. Nyabanda will replace Gerald Warui, who submitted a request for an early retirement. Mr. Nyabanda’s appointment is subject to CBK approval.
Before his appointment, Mr. Nyabanda was the Equity Group Holdings Plc’s Group Chief Finance and Strategy Execution Officer. Prior to joining the Group, Moses Okoth Nyabanda was the MD and Country Senior Partner for Rwanda’s PricewaterhouseCoopers (PWC).
The bank’s board reported Mr. Nyabanda as a “disciplined and thorough professional, demonstrating exceptional leadership in promoting robust control environments and productivity.”
”The Board is confident that under Mr. Nyabanda’s leadership, Equity Bank Kenya will continue to deliver sustainable profitable growth while enhancing our customer value proposition and employee engagement,” the Board added.
Gerald Warui’s exit comes as reports emerged that the Kenyan leader had lost in excess of Kshs. 1.5 billion in an insider heist. According to the investigation report, the heist involved the transfer of money from the bank’s payroll to multiple external accounts. Police have so far arrested suspects in connection with the crime.
On August 12, the Group reported a profit after tax of Kshs. 29.6 billion for the first half of 2024, representing a 12% growth from last year’s results. In the same period, the Group’s total assets increased to Kshs. 1.75 trillion.
Equity Group has other subsidiaries in Tanzania, Uganda, DRC, Uganda, and Rwanda. Moreover, Brand Finance recognized the Equity Group as the second strongest Brand on Earth in 2024.
