Sh50m parting gift for Equity founder

Equity long serving chairman and founder Peter Munga.
Equity Bank’s shareholders are later this month expected to offer businessman Peter Munga Sh50 million as a sendoff gift following his retirement last year.

The bank in June last year announced that Munga, who had held the post for 35 years, would be retiring and appointed David Ansell as chairman designate.

Munga (pictured) founded Equity in 1984 which grew from a “small village building society” back then to one of the largest financial services providers in the region. In a public notice yesterday, Equity Group Holdings said the “thank you” gift to its founder would be among the issues that shareholders would deliberate on and possibly approve during the lender’s Annual General Meeting (AGM) slated for April 30.

“To consider and if found fit, to pass a special resolution approving… payment of a one-off gratuity of Sh50 million to the outgoing founder chairman Peter Munga, in consideration of his length of service, commitment and dedication to the company which spans 35 years,” said the bank in the notice.

At the AGM, the shareholders will also vote on the decision to create an Employee Share Ownership Plan (ESOP) that will enable employees of Equity own five per cent of the bank.

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Peter MungaEquity BankDavid Ansell