Peter Munga Reclaims Equity Group Stake With 1.3 Million New Shares

Peter Munga returns to Equity Group, acquiring shares worth Ksh166.2 million 1.3 million, boosting his stake to 13.21 million shares.

Despite recent financial setbacks, Munga doubles down on the bank he co-founded, signaling renewed confidence in Equity Groups long-term prospects.

Equity Group remains dominant, reporting a Ksh48.82 billion 377.41 million profit in 2024, with return on equity above 20.

Kenyan banking pioneer and Equity Group Holdings co-founder Peter Munga has made a notable return to the institution he helped build, acquiring shares worth Ksh166.2 million 1.3 million in Equity Group. The move boosts his direct stake in East Africas largest lender at a time when the bank continues to post strong results and maintain its market dominance.

Mungas decision to reinvest in Equity marks a milestone for the ex-chairman, who stepped down in 2018 after decades at the helm. It reflects a renewed sense of confidence in the banks leadership and future, as well as a reaffirmation of the institutions values and long-term vision.

He purchased 3.64 million additional shares, raising his holding from 9.57 million shares at the end of 2024 to 13.21 million. That stake is now valued at about Ksh603 million 4.66 million, placing him among the banks top individual investors.

The move comes despite Munga recently facing financial headwinds, including a failed court effort to halt the auction of his Britam shares over a Ksh433.76 million 3.35 million loan default. Still, his fresh investment in Equity sends a clear messagehes not stepping away. On the contrary, hes doubling down on the institution he co-founded and helped grow from a modest rural lender into a household name.

In 1984, Munga founded what was then the Equity Building Society with just Ksh5,000 100, aiming to offer credit to underserved rural communities. A pivotal moment came in 1993 when he brought in a young accountant, James Mwangi, whose leadership helped transform EBS into Equity Bank by 2004 and eventually into Equity Group Holdings, a regional banking force.