Table of Contents
A potential takeover of NCBA Group by South Africa’s Standard Bank is reverberating far beyond the trading floor of the Nairobi Securities Exchange. For Kenya’s most powerful political dynasty — the Kenyattas — the talks touch the heart of a financial empire that has quietly shaped the country’s banking landscape for decades.
According to people familiar with the matter, Standard Bank, through its Kenyan arm Stanbic Holdings, is in early discussions to acquire NCBA, one of Kenya’s largest banks. If the deal proceeds, it would create the third-largest lender in the country, with assets exceeding KSh1.1 trillion, trailing only Equity Group and KCB.
NCBA is the flagship financial institution linked to the Kenyatta family, one of Africa’s wealthiest political dynasties. The family’s investment arm, Enke Investments, has been a significant shareholder in the group, which emerged from the 2019 merger of NIC Bank and Commercial Bank of Africa (CBA) — the latter historically associated with the Kenyattas.
That merger was itself a symbol of how deeply intertwined the family’s interests are with Kenya’s financial system. CBA had long served elite clients, including political and business insiders, with discreet precision. When it merged with NIC to form NCBA, it positioned itself as a regional force, straddling Kenya, Uganda, Tanzania and Rwanda.
The prospect of losing control — or ceding majority influence — in NCBA would mark one of the most significant shifts in the Kenyattas’ commercial footprint in years. The family’s empire spans land, hospitality, dairy, media and finance. But unlike real estate, finance is where soft power and money converge most visibly.
News of the talks pushed NCBA’s shares up nearly 10% on the Nairobi Securities Exchange, reaching KSh76.25. The market reaction reflected not just speculation over Standard Bank’s bid, but also the weight of the Kenyatta name. “This is more than a financial transaction,” said one Nairobi-based investment analyst. “It’s a power play in the country’s most strategic sector.”
Standard Bank, Africa’s largest bank by assets, has been looking to expand its East African presence for several years. Acquiring NCBA would give it a major foothold in Kenya’s competitive market and, perhaps more symbolically, a platform once controlled by one of East Africa’s most influential families.
Regulators will still have to clear any deal. The Central Bank of Kenya, the Competition Authority and the Capital Markets Authority are expected to scrutinize it closely. Neither Stanbic Kenya CEO Joshua Oigara nor NCBA Group CEO John Gachora has commented publicly. The Kenyatta family has also remained silent.
For decades, Kenya’s banking sector has been shaped by a handful of powerful families and conglomerates, often aligned with political currents. The Kenyattas’ stake in NCBA gave them both financial leverage and quiet influence. Should Standard Bank take over, it would signal a slow but meaningful erosion of that dominance.
