Kenya’s Ndegwa family bolsters position as largest shareholder in NCBA Group with new $2.2 million shares

The Ndegwa family, heirs of the late Kenyan banking tycoon Philip Ndegwa, has further strengthened their interests in the Kenyan financial services industry with a substantial investment in NCBA Group.

The family recently acquired an additional 8.25 million shares in the Nairobi-based lender for a whopping Ksh315.6 million ($2.2 million).

This latest acquisition comes just two months after the Ndegwa family took center stage as NCBA’s top shareholder by purchasing a total of 31.6 million shares, valued at Ksh1 billion ($7.2 million).

With the latest purchase, the Ndegwa family’s stake in the bank through their investment vehicle First Chartered Securities, has risen to 14.94 percent, up from 14.44 percent at the end of last year.

According to the most recent regulatory filings, the Ndegwa family now holds 246.15 million shares in NCBA Group through First Chartered Securities, with a total value of Ksh9.41 billion ($66.25 million).

This increased ownership cements the family’s position as the largest shareholder in the group, surpassing the stake held by the Kenyattas through Enke Investments Limited, which remains unchanged at 13.2 percent or 217.49 million units valued at Ksh8.32 billion ($58.65 million).

The Ndegwa family’s confidence in NCBA Group has been unwavering since the merger of NIC Bank Group and Commercial Bank of Africa Group in 2019. Their substantial capital injections into the institution have played a significant role in its growth and success.

NCBA Group is a non-operating holding company with a strong presence in various African countries, including Tanzania, Rwanda, Uganda, and Cote d’Ivoire. Boasting 109 branches across these nations, the group has established itself as a formidable financial service force.

Apart from consolidating their holdings in First Chartered Securities, the recent share acquisition also contributes to the personal portfolios of NCBA directors and brothers James and Andrew Ndegwa.

James Ndegwa now holds a 4.57-percent stake in the group, valued at Ksh2.55 billion ($18.43 million), while Andrew Ndegwa’s ownership has increased to 4.63 percent, valued at Ksh2.59 billion ($18.73 million).

The Ndegwa family’s continuous investment in NCBA Group reflects their belief in the institution’s potential for growth and success, further solidifying their position as one of Kenya’s richest families and major players in the country’s financial sector.