The Ndegwa and Kenyatta families who are two of the largest shareholders in NCBA Group have seen their paper wealth gain by up to Sh12.4 billion in five days as the NCBA shares gain in a historic bull run.
The Kenyatta family currently has a shareholding stake of 13.2 percent in NCBA through the family’s investment vehicle which is known as Enke Investments. The Ndegwa family has a 14.94 percent shareholding stake in the banking group through the family’s investment vehicle known as First Chartered Securities.
In the current bull run that started at Sh69.50 on Tuesday 14, 2025, the Kenyatta family’s stake gained from Sh15.11 billion to Sh20.93 billion as at the end of the trading day on Wednesday October 22, 2025.
At the same time, the Ndegwa’s saw their stake increase from Sh17.11 billion to Sh23.69 billion in the same period. This means that within those few days, the Kenyatta’s saw their paper wealth grow by Sh5.82 billion while the Ndegwa’s saw a growth of Sh6.58 billion.
This recent NCBA Group shares rally comes in the wake of news that South Africa’s Standard Bank Group Ltd is in talks to acquire the lender in what could be the largest acquisition of a Kenyan bank.
According to a report that was published by Bloomberg, the South African lender has instructed its Kenyan subsidiary Stanbic Bank to open talks that could lead to the acquisition of the NCBA Group.
The acquisition, if successful, could create the third largest bank in Kenya after KCB Group and Equity Group. The Standard Bank Group is currently the largest bank in Africa by assets and holds a 75 percent stake in Kenya’s Stanbic Holdings PLC.
NCBA Group and Stanbic Holdings have however not openly speak on the reported pitch, which Bloomberg attributed to internal sources with knowledge on the matter.
The acquisition pitch by Standard Bank Group, if it has indeed been made, comes six years after NIC Bank and CBA Bank merged to form NCBA Group.
READ MORE: NCBA Group touches Sh100 per share on NSE in historic bullish run
This merger had resulted in more than doubling of net earnings in 2019 to Sh7.84 billion. Market share increased to 10.1 percent. Prior to the merger, NIC Bank had been holding a 4.17 percent market share while CBA Bank held a 5.12 percent stake.
The NCBA shares are currently trading at all time highs, having touched an all-time high which was also the counter’s 52-week high of Sh100 per share on Wednesday 22, October 2025.
This is a massive increase from the low of Sh40 per share the counter has recorded over the last 52 weeks. This means that an investor who took position in the counter at Sh40 per share within the last 52 weeks and cashed out at Sh100 per share during the intra-day trading session on October 22, would have pocketed Sh50 gain per share from the counter.
