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The expansion follows a successful foray into life insurance in 2022 and subsequent approval from the Insurance Regulatory Authority (IRA) in May 2023 to establish a general insurance company.
With Mwangi at the helm, the conglomerate remains on course for sustainable expansion and prosperity within the African financial sector.
KCB Bank Kenya’s loan book has surged in recent years, outpacing its deposit base.
Gideon Muriuki’s $2.6 million gain underscores the positive impact of his leadership at Co-op Bank.
Muriuki, who was instrumental in the Co-op Bank’s expansion, owns a two-percent stake in the leading financial services group.
Over the past 40 days, Nwangi’s stake in Equity Group has increased by $5.77 million over the past 40 days, cementing his position among Kenya’s richest individuals.
As Co-op Bank embarks on its ambitious expansion journey, the institution reaffirms its commitment to serving diverse customer needs while leveraging technological innovations.
The conflict arises from a lawsuit filed by 25-year-old Elizabeth Nadupoi Kimiti, accusing Mbaru of neglecting his parental duties.
Mwangi’s stake in Equity Group has hit the $30-million milestone.
This follows the financial setback he experienced in 2022 when Equity Group shares dropped significantly with Mwangi’s stake in the lender declining by $13 million.
The move aligns with its strategy to bolster earnings and revenue by expanding its reach across East Africa.
Under Mwangi’s leadership, Equity Group evolved into an integrated financial services group with active operations spanning six African countries.
Thanks to its strategic expansion initiatives spanning the region, the Muriuki-led group has now positioned itself among Kenya’s leading employers.
Mwangi credited the growing influence of Equity Group’s subsidiaries, especially the DRC unit, for the overall performance of the group in the first nine months of 2023.
Muriuki, who sits at the helm of Co-op Bank and ranks as one of Kenya’s leading investors, holds a significant stake of two percent in the leading financial services group.
Ndegwa, the former chairman of the Capital Markets Authority is a top figure in the Kenyan business scene.