This archive report was first published on 23 October 2019.
On October 23, 2019, the merged entity of NIC Group and CBA Group, now known as NCBA, listed additional shares on the Nairobi Securities Exchange, valuing the Kenyatta family's stake at Sh6.6 billion.
The combined business of the two banks climbed three places to rank sixth among the 10 banks listed on the NSE, with a market valuation of Sh50.3 billion.
The Kenyattas control about 13.2 percent of the new entity, a level of ownership that slightly surpasses the 11.75 percent stake that the family of the late Phillip Ndegwa owns in the merged business.
NCBA's market value more than doubled to Sh50.3 billion from Sh22.4 billion on the previous Friday, with the lender's volume of outstanding shares jumping to 1.49 billion units from 703.9 million units.
The merger also lifted NCBA's combined assets to Sh476 billion, ranking it third by this measure after KCB and Equity, which hold Sh859 billion and Sh638 billion respectively.
