Outgoing Equity bank Chairman Peter Munga,76, is set to pocket Sh50 million as a thank you token from the lender.
The package is in appreciation of his long service to the bank, which has become one of the most profitable lenders in Kenya and East Africa under his watch.
The sendoff package has been revealed in a report that is set to be submitted to the bank’s shareholders for approval.
If approved, the amount will be the biggest publicly-disclosed exit pay package to have been awarded by an NSE-listed company, the Business Daily reports.
“Payment of a one-off gratuity of Sh50 million to the outgoing founder and chairman, Peter Kahara Munga, in consideration of his length of service, commitment and dedication to the company which spans over 35 years,” reads the report.
Munga, who exits the second-largest Kenyan bank by assets after over three decades, will be replaced by David Ansell at the end of this month.
Munga is among the founders of Equity Bank that started out as a building society in 1984 before converting to a lender in 2004.
Equity’s current market capitalization stands at Sh158 billion with the bank recording a profit of Sh20 billion in 2018.
