This archive report was first published on 23 October 2019.
The Kenyatta family's stake in the newly formed NCBA Group has been revealed, with President Kenyatta, his brother Muhoho, and Mama Ngina Kenyatta owning a combined 13.2% of the bank.
According to reports, the family's stake was valued at Sh 6.6 billion, making them one of the top shareholders in the group.
Before the merger between CBA Group and NIC Group, the Kenyatta family owned about 24% of CBA Group, but their stake was diluted after NIC Group joined the party.
The Ndegwa family, which owned a significant share of NIC Group, controls about 11.75% of the merged entity.
Other notable shareholders in the group include Livingstone Registrars, Ropat Nominees, and Ropat Trust Company, which collectively own around 14.7% of the bank.
Naushad Merali, a billionaire, also owns a stake of about Sh 1.9 billion in the group.
The merged entity, NCBA, started trading on the Nairobi Stock Exchange at a price of Sh33.65, up 5.3% from the previous close price of Sh31.95.
As of October 23, 2019, NCBA had a market valuation of Sh50.3 billion, making it the sixth-largest bank listed on the Nairobi Securities Exchange.
