This archive report was first published on 13 July 2020.
NCBA Bank's latest report has revealed that the Ndegwa brothers, James and Andrew, now own a combined stake worth Sh. 3.2 billion in the bank.
Each brother owns a stake worth Sh. 1.6 billion, held independently of the larger Philip Ndegwa family stake, which has an estimated 11.6 percent stake in NCBA with a market value of Sh. 4.6 billion.
As per the report, the brothers' stake is equivalent to 4.12 percent of NCBA's shareholding. This stake is a result of the consolidation of their holdings in NIC and CBA banks, which merged to form NCBA.
James Ndegwa previously held 52.5 million shares of NIC and 3.1 million shares of CBA, while Andrew held 52.5 million shares of NIC and 3.4 million shares of CBA.
According to a related report, when NIC and CBA banks merged, James' holdings had consolidated into 61.3 million shares equivalent to a 4.09 percent stake in NCBA, while Andrew's stood at 62.2 million shares (4.16 percent).
The brothers are the sons of late Philip Ndegwa, a former CBK governor, who died in 1996. The NCBA bank's ownership is dominated by the Kenyatta family, with other top owners including James Mwangi, the CEO of Equity Bank.
NCBA is now ranked third with assets of Sh. 509.5 billion in the first quarter ended March, trailing Equity (Sh. 693.2 billion) and KCB (Sh. 947 billion). Co-op Bank, which is now ranked fourth, had Sh. 470.4 billion in assets.
