This archive report was first published on 28 November 2019.
On November 28, 2019, a report by Business Daily revealed that Simeon Nyachae, a former powerful Cabinet minister, owns a significant stake in the NCBA bank.
According to the report, Mr. Nyachae holds 8.6 million shares in the bank, which are currently worth Sh. 300 million based on the latest market rates.
NCBA has risen to become the fourth largest bank in terms of absolute profits, surpassing DTB Group and the local branches of Standard Chartered Bank and Barclays Bank.
Mr. Nyachae's stake in NCBA now stands at 0.57 percent, making him one of the billionaire investors with significant stakes in the listed firm.
Other notable investors in NCBA include Naushad Merali and the families of Kenya's founding president Mzee Jomo Kenyatta and late Central Bank governor Philip Ndegwa.
