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Monday, August 10, 2020

Ndegwa brothers now own Sh. 3.2 billion NCBA stake

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The Ndegwa brothers now own a stake worth Sh. 3.2 billion in the NCBA Bank. This has been revealed by the bank’s latest report. According to the report, the brother each own a stake worth Sh. 1.6 billion. These stakes are 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.

The stake owned by James Ndegwa and his brother Andrew Ndegwa is 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.

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According to a related report that appeared in a local daily, 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).

The brothers are the sons of late Philip Ndegwa, a former CBK governor, who died in 1996. The NCBA bank’s ownership is dominated by the Kenyatta family. Other top owners include James Mwangi who is the chief executive officer at Equity Bank.

“NCBA is now ranked third with assets of Sh. 509.5 billion in the first quarter ended March, trailing Equity (Sh. 693.2 billion) and KCB (Sh. 947 billion). Co-op Bank, which is now ranked fourth after the rise of NCBA, had Sh. 470.4 billion in assets. Co-op Bank, however, retains its rank as the third most profitable lender with net earnings of Sh. 3.5 billion or more than twice NCBA’s Sh. 1.6 billion in the review period,” said a report that appeared in the Business Daily.

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