
Kenyan banker James Mwangi gains $3 million from Equity Group stake
Mwangi’s stake in Equity Group has hit the $30-million milestone.
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.
Mwangi, the managing director and CEO of Equity Group, shared details of this ambitious plan during a recent interview in Kenya.
Mwangi has played a key role in Equity Group’s expansion over the years, leading the expansion of the lender’s operations into multiple countries.
Muriuki owns a significant two percent stake in Co-op Bank Group. This translates to 117,471,300 shares in the Nairobi-based lender.
The Ndegwa family’s latest endeavors build upon their previous strategic investments in the Kenyan financial sector.
Under the leadership of Muriuki, who serves as the bank’s CEO, Co-op Bank has solidified its position as a key player in the market.
Apart from his executive and governance roles, Gachora owns a minority 0.14-percent stake in the leading financial group.
Shah is a top figure in Kenya’s banking industry. He is renowned for founding I&M Group.
Under the visionary leadership of Mwangi, Equity Group has emerged as a dominant force in East and Central Africa.