The merged between the Commercial Bank of Africa (CBA) and NIC Bank has for the first time offered insights into the multibillion investment that the Kenyatta family has invested in the banking sector.
The Kenyattas own CBA, the largest privately-owned bank in Kenya, which has hitherto been very reserved about revealing its shareholders.
However, the merger with the publicly-listed NIC bank has lifted the lid on CBA’s ownership which includes President Uhuru Kenyatta, his brother Muhoho Kenyatta, and his mother Mama Ngina.
Registrar of Companies
The Business Daily reported records from the Registrar of Companies showing the Kenyatta will control a shareholding stake worth Sh8.5 billion.
The merger will create a bank with a market capitalization of Sh65 billion with Uhuru, Muhoho, and Mama Ngina each owning shares worth Sh2.8 billion each.
Their shares are under Enke Investments Limited which has a 24.91 percentage ownership in CBA.
There is a total of 34 shareholders at CBA, many of them nominees for other companies owned by the Kenyatta family.
NIC is owned by the family of former Central Bank Philip Ndegwa, whose sons, James and Andrew will now have a stake valued at Sh8.6 billion.