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Thursday, October 22, 2020

The Kenyattas, Ndegwas to get Sh. 560 million pay

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Kenyatta NCBA Stake: With mainstream banks in Kenya releasing their financial results for the full year ended December 2019, it is now clear which investors will be taking home top dollars.

Among the most notable is the Kenyatta family. The first family holds a 13.2 percent stake in the NCBA Group. This is after their primary bank CBA merged with the NIC bank to form the NCBA Group last year. The NIC bank was associated with the Ndegwa family.

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Following the merger, the Kenyattas will walk away with a dividend of Sh. 296.5 million. This will be the first time they will get a dividend from the merged bank. In the same token, the Ndegwa family will get a payout of Sh. 263.9 million. The Ndegwas hold 11.75 percent stake in NCBA Group. This brings the total pay that the two families will rake in to Sh. 560 million.

These gains follow the posting of Sh. 7.8 billion in profit after tax by the lender. The merger gave NCBA Group a 9.9 per cent market share in Kenya’s financial services sector, with its asset base now standing at Sh. 495 billion and a customer base of over 50 million.

Billionaire businessman Naushad Merali is also set to get a dividend windfall from his 2.9 per cent stake in the bank. Mr. Merali previously held a 5.6 percent stake in CBA. Kenyatta NCBA Stake.

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