I am not about to retire, Equity's James Mwangi says

Equity Group Chief Executive James Mwangi. [File, Standard]

Equity Group Chief Executive James Mwangi has dismissed speculation about his retirement, emphasising his continued commitment to Kenya’s largest bank by customer base.

Mr Mwangi, who has been at the helm of Equity Bank for over 35 years, also downplayed the recent departure of some long-serving executives from the Kenyan unit, saying it coincided with the recruitment of top talent from global financial hubs and leading global banks.

Speaking Tuesday when the bank announced its third quarter results, Mr Mwangi stressed the importance of what he termed an intergenerational transfer of power in ensuring Equity Group’s long-term sustainability.

He, however, revealed he personally intends to stay on in his corner office role, possibly for the next two decades - at the pleasure of shareholders.

“It is true I joined the group in 1991. It is almost 35 years. For over 35, we have delivered year after year. I’m not the MD of Kenya I handed over. I’m not a board member of all subsidiaries I handed over. I’m only a director of a non-operating company. I’m not an employee of Equity. I’m a representative of shareholders who told me here is the money go and invest. Does a shareholder retire from investing? that’s my job,” he said.

“I hold a pot of money - Sh270 billion - from shareholders and mine is to scan the environment and see where can we invest. Nobody retires from entrepreneurship. Age doesn’t retire you from investing,” he added. 

“The more seasoned you become the better investor you become because of insights. But if the shareholders realise I’m not giving them a return, I’m sure they can tell me we have got a better person. I invest, I’m not a manager. You need somebody who brings investment in the country like we have done with BlackRock and with IFC just to attract global investors. For the last eight weeks, I’ve not been in the country. I have been talking to investors. That is my job. Should I retire from my job or remain a constant in the investment club of Africans?”

Mr Mwangi joined Equity Group, which was then a building society, in 1991, and his experience and vision have been instrumental in shaping the bank’s growth and success.

Under his three decades of leadership, the Equity Group has seen its assets grow to a Sh1.7 trillion banking behemoth.

The lender has also emerged as Kenya’s largest bank by customers and regionally operates in Uganda, Tanzania, Rwanda, Burundi, South Sudan and the Democratic Republic of Congo.