Peter Munga
| Peter Munga | |
|---|---|
| Born |
Peter Munga 1943 (age 71–72) Kangema, Kenya |
| Nationality | Kenyan |
| Ethnicity | Kikuyu |
| Occupation | Businessman and Entrepreneur |
| Years active | 1963–present |
| Home town | Kangema |
| Title |
Group Chairman Equity Bank Group |
| Spouse(s) | 1 |
Peter Kahara Munga is a businessman and entrepreneur in Kenya, the largest economy in the East African Community. He is the current Group Chairman of the Equity Bank Group, the largest bank holding company on the African continent, by customer numbers, with over 9.2 million customers, as of 31 June 2014.[1] He is reported to be one of the wealthiest individuals in Kenya, with a personal net worth in excess of US$100 million, as of February 2014.[2]
Background and education
Peter Munga was born in Kangema, in Kenya's Central Province, in 1943.
Career
In 1984, Peter Kahara Munga founded Equity Building Society (EBS), in his hometown of Kangema, in Kenya's central highlands. With about KSh5,000 (about US$100 at that time), as starting capital, he convinced the Kenya government to issue him a license.
In 1993, Munga, as Chairman, working in collaboration with the CEO of Equity Building Society (EBS) at the time, hired a young man by the name of James Mwangi, aged 31 at that time, to wind up the insolvent organisation which was losing KSh5 million (approx. US$60,000 then) annually and had, already accumulated total losses of KSh33 million (approx. US$380,000 then). James Mwangi, the Director of Finance at EBS then, began to institute changes, resulting in the slow, but steady turn-around of the Society. Also in 1993, Peter Munga resigned as an Assistant Secretary in Kenya's Ministry of Water.
On 31 August 2004, Equity Building Society became Equity Bank Kenya. In 2006, Equity Bank listed on the Nairobi Stock Exchange (NSE). On Thursday 18 June 2009, the Group's stock cross listed on the Uganda Securities Exchange (USE) and started trading that day, under the symbol: EBL. As of November 2014, the bank group has subsidiaries in Kenya, Uganda, Tanzania, Rwanda an South Sudan.[3]
Investment portfolio
Peter Kahara Munga owns shares of stock in the publicly traded companies listed below, as of November 2014.
| Rank | Investment | Percentage Shareholding | Estimated Value (US$) |
|---|---|---|---|
| 1 | British-American Investments Company* Held through Equity Holdings Limited | 11.9 | 65 million.[4] |
| 2 | British-American Investments Company* Held directly | 3.86 | 21 million[5] |
| 3 | British-American Investments Company* Held through Filimbi Limited | 1.66 | 9 million[6] |
| 4 | Equity Bank Group* | 0.42 | 3.0[7] |
Shares traded on Nairobi Stock Exchange.
See also
- Equity Bank Group
- List of African millionaires
- List of wealthiest people in Kenya
References
- ↑ Flood, Zoe (3 July 2014). "Kenya's Mobile Innovation Brings Digital Money Closer". BBC News. Retrieved 30 November 2014.
- ↑ Ngigi, George (20 February 2014). "Meet Kenya's Richest 25". Africa Review (Nairobi). Retrieved 30 November 2014.
- ↑ Jambo, . (9 December 2013). "Equity Bank Founder Peter Munga’s Long Journey To Billionaires Club". JamboNewsPot.Com. Retrieved 30 November 2014.
- ↑ Victor Juma, and Evelyn Situma (13 November 2014). "NSE’s Female Billionaires Gain KSh2 Billion In Six Months". Business Daily Africa (Nairobi). Retrieved 30 November 2014.
- ↑ Britam, . (24 January 2014). "Britam Shareholders Circular of 24 January 2014, Pages 26 & 27" (PDF). British-American Investments Company (Britam). Retrieved 30 November 2014.
- ↑ Britam, . (24 January 2014). "Britam Shareholders Circular of 24 January 2014, Pages 26 & 27" (PDF). British-American Investments Company (Britam). Retrieved 30 November 2014.
- ↑ Naibuzz, . (23 May 2014). "Kenya’s Top Richest CEOs, Chairmen And Executives In The Banking Sector: Peter Munga, Chairman of Equity Bank". Naibuzz.Com. Retrieved 30 November 2014.