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Kenya's powerful Kenyatta and Ndegwa families stand to receive over $170 million in combined cash and stock from the Nedbank takeover of NCBA Group.
NCBA Group posted KSh 23.4 billion ($180.3 million) in full-year profit and raised its dividend by 22.5% to KSh 7.1 per share for 2025.
Nedbank cleared a key regulatory hurdle in its NCBA bid, putting fresh attention on the Kenyatta and Ndegwa families’ stakes.
$352 million NCBA stake held by Kenya’s Kenyatta and Ndegwa families draws attention after Nedbank’s $856 million takeover offer.
Nedbank offers $856 million for control of Kenya’s NCBA, signaling a regional banking shakeup and a likely payday for top shareholders.
NCBA unveils a $6 million digital platform with Intellect Global to enhance corporate banking and expand its digital reach in Kenya.
NCBA, backed by Kenya’s elite families, posted a modest 3.41% Q1 profit rise to $42.4 million despite loan book contraction and macroeconomic headwinds.
NCBA Bank Kenya justified the increase, citing the need to align with prevailing market conditions.
Ndegwa, the former chairman of the Capital Markets Authority and son of the late Kenyan economist Philip Ndegwa, is a top figure in the Kenyan business scene.
NCBA Group counts some of Kenya’s richest families among its shareholders, including the Kenyatta, Merali, and Ndegwa families.
The Ndegwa family’s latest endeavors build upon their previous strategic investments in the Kenyan financial sector.
This latest development from the Ndegwa family follows their earlier strategic investment in the Kenyan financial sector.
NCBA Group, which resulted from a momentous merger in 2019, is partially owned by the Kenyatta, Merali, and Ndegwa families.
The Ndegwa family, which was involved in the merger of NIC Bank Group and Commercial Bank of Africa Group in 2018, owns a 14.94-percent stake in NCBA Group.
The Ndegwa family’s continuous investment in NCBA Group reflects their belief in the institution’s potential for growth and success.
NCBA’s loan to Grit now represents more than 2.27 percent of the real estate company’s overall debt.