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Igathe big shot talk in Equity Bank

Published Tue, May 15th 2018 at 15:03, Updated May 15th 2018 at 15:14 GMT +3

NAIROBI, KENYA: Former Nairobi Deputy Governor Polycarp Igathe could be making a comeback to the corporate scene ending weeks of speculation on his next move since his cameo in politics.

Pointers are that Igathe, who attended and sat on the directors’ table during Equity Group’s 14th annual general meeting held in Nairobi, could be named the Chief Commercial Officer.

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A business card doing in social media indicates he has the job already. We could not however establish its authenticity.

It is understood that he has been offered the job to spearhead the commercial strategy and development of the group. This puts to an end speculation that had linked it to several companies since resigning from Nairobi County in January.

During the AGM, Mr Igathe shared a table with Equity’s directors throughout the meeting but CEO James Mwangi downplayed this when The Standard asked him about it.

Instead, he said that Igathe joined the high table as “a good friend” as well as a “big” shareholder in the bank.

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“I am not aware of it. People don’t join unless with approval from Central Bank of Kenya (CBK). A process of somebody joining the bank is rigorous,” Mr Mwangi told The Standard on the day of AGM.

“There is a process called fit-and-proper review. You do that to get approval and that’s when you can join.”

However, even with this denial that was punctuated with smiles, Mwangi went ahead to pour praises upon Igathe, a former Managing Director at Vivo Energy, a Shell products licensee firm.

“He is a seasoned executive. He has been a Chief Executive for 18 years. He is young, dynamic and very well known. That will be a very good opportunity,” said Mr Mwangi.

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When The Standard asked if he was ready to incorporate Igathe in his team when an opportunity comes, he firmly responded: Why not?

It is expected that Igathe will be unveiled during the investor briefing to announce first quarter performance.

While the bank is awaiting final approvals from CBK, an Equity Group business card doing rounds on social media showed that Igathe had been given Equitel number as well as new email address.

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