Kenyatta Family Wealth: The Kenyatta Family has acquired the Jamii Bora bank in a transaction that is estimated to stand at Sh. 1.4 billion.
Earlier on, Jamii Bora had said that it would be unveiling a strategic investor in what was expected to be a shot in the arm for the lender’s growth plans.
The bank also said that it was planning to raise about Sh. 5 billion from various sources, including strategic investors, a rights issue and convertible debt.
In December last year, Commercial Bank of Africa (CBA) which is majority-owned by the Kenyatta family and the Nairobi Securities Exchange listed NIC Group which is partly owned by the billionaire businessman James Ndegwa’s family announced that they were engaged in merger talks.
If successful, the planned merger of the mid-sized NIC Bank and the tier one CBA Bank would create one of the largest financial services groups in the region.
Incidentally, the acquisition of Jamii Bora Bank is being done through CBA Bank. It is set to expand the Kenyatta family wealth and business empire which now stretches to dairy, banking, and real estate.
The news come as Jamii Bora Bank announced that it will have a new boss after its current chief executive officer Samuel Kimani opted to take early retirement amid a plan to unveil a new strategic investor.
The bank’s deputy CEO, Timothy Mwaniki Kabiru, took over the helm from his boss who opted to pursue other interests after a seven-year stint at the firm. Mr. Kimani, who also serves as the Nairobi Securities Exchange board chairman, will, however, retain his seat on the Tier 3 lender’s board as a member to smoothen the transition.