The Ndegwa Family has closed in on the Kenyatta Family as the top NCBA Group shareholders after transferring an additional KSh1.7 billion worth of shares.
According to the bank’s annual report, 70.9 million shares that was previously held in an account by asset manager ICEA Lion was moved to the family’s investment at NCBA.
The shares were moved to the family’s First Chartered Securities in the year ended December.
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The transaction saw the family’s ownership increase by 12.7 million shares to a 12.52 percent stake currently worth KSh5.1 billion.
The transactions saw the family close in on the Kenyatta family, the top shareholder at NCBA with a 13.2 percent stake worth KSh5.4 billion.
Also Read: Philip Ndegwa: The First Kenyan To Bank A Billion And His Super Wealthy Sons
In September 2019, the Central Bank of Kenya has announced the merger of Commercial Bank of Africa Limited and NIC Group effective September 30, 2019.
Following the merger, effective October 1, 2019, all subsidiaries operated under a Non-Operating Holding Company, NCBA Group PLC.
In a statement, CBK Governor Patrick Njoroge said the merged institutions will operate as NCBA Bank Kenya PLC.
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Njoroge said all account holders, depositors, employees, creditors and other stakeholders of the existing institutions should deal with NCBA Bank Kenya PLC and NCBA Group PLC.
This follows CBK’s approval on August 27, 2019 under Section 13(4) of the Banking Act, and approval by the Cabinet Secretary, National Treasury on September 20, 2019, for the merger under Section 9 of the Banking Act.
The transaction involved a share swap where CBA shareholders will exchange their shares for 53 per cent of the new shares in NIC.
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