NCBA Ownership: When NIC and CBA banks merged to form the NCBA Bank, the Kenyatta family took a stake worth over Sh. 6.6 billion. Today, the Kenyattas control about 13.2 percent of the new entity, a level of ownership that slightly surpasses the 11.75 percent stake that the family of the late Phillip Ndegwa owns in the merged business.
The Kenyattas held a 24.92 percent stake in CBA while the Ndegwas had a 25 percent interest in NIC. By July this year, the Ndegwa brothers owned a stake worth Sh. 3.2 billion in the NCBA Bank. The brothers each owned a stake worth Sh. 1.6 billion. These stakes were owned by the duo independent of the larger Philip Ndegwa family stake, which has an estimated 11.6 percent stake in NCBA with a market value of Sh. 4.6 billion.
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The stake owned by James Ndegwa and his brother Andrew Ndegwa was equivalent to 4.12 per cent shareholding. James previously held 52.5 million shares of NIC and 3.1 million shares of CBA. Andrew held 52.5 million shares of NIC and 3.4 million shares of CBA.
When NIC and CBA banks merged, James’ holdings had consolidated into 61.3 million shares equivalent to a 4.09 percent stake in NCBA while Andrew’s stood at 62.2 million shares (4.16 percent). NCBA Ownership.