This archive report was first published on 23 October 2019.
On October 23, 2019, the Kenyatta family's business empire expanded significantly with their acquisition of a stake worth over Sh. 6.6 billion in the merged NIC Group and CBA Group banks, now known as NCBA.
According to Business Daily, the combined business of the two banks climbed three places to rank sixth among the 10 banks listed on the Nairobi Securities Exchange (NSE) with a market valuation of Sh. 50.3 billion after listing the additional shares.
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.
The 13.2 percent is valued at Sh. 6.6 billion based on NCBA's closing price of Sh. 33.65, up 5.3 percent on Friday's close price of Sh. 31.95.
Mr. Merali's 2.9 percent stake in the merged entity is valued at Sh. 1.45 billion, with the listing of the new shares offering owners of CBA Group a platform to trade in their stocks.
