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NCBA Bank Kenya, a subsidiary of the NCBA Group, a leading financial services conglomerate controlled by some of Kenya’s wealthiest families, has solidified its commitment to regional investment initiatives by extending a credit facility worth Ksh1.56 billion ($11.96 million) to Mauritius’ real estate firm Grit Services.
The dollar-denominated credit facilities provided to Grit Services have seen a substantial surge in recent times, rising to Ksh3.84 billion ($29.48 million) in December last year from Ksh2.28 billion ($17.5 million) in June 2023. NCBA’s heightened contribution now represents 7.1 percent of Grit’s total borrowings, up from 3.8 percent previously.
NCBA supports Grit Real Estate Expansion
Grit Services, a subsidiary of Grit Real Estate Income Group, utilized the extended facilities as an equity bridge, showcasing NCBA’s growing involvement in supporting the multinational entity’s expansion endeavors.
Renowned for its aggressive investments in Kenya and other regional property sectors, Grit Real Estate Income Group boasts assets including the Buffalo Mall in Naivasha, the US embassy’s gated premises in Nairobi, as well as Imperial Warehouse and Orbit Africa’s manufacturing facilities.
NCBA’s revolving credit facility enables Grit Services to borrow, repay, and borrow again on a rolling basis, facilitating its ongoing investment initiatives in the real estate sector.
NCBA Group’s profit soars in 2023
Headquartered in Nairobi, NCBA Group operates as a non-operating holding company with an extensive network of subsidiaries across Africa, spanning Tanzania, Rwanda, Uganda, and Côte d’Ivoire. Formed in 2019 through the merger of NIC Bank Group and Commercial Bank of Africa Group, NCBA Group has emerged as a key player in the East African financial sector.
Partially owned by prominent Kenyan families such as Kenyatta, Merali, and Ndegwa, the conglomerate remains steadfast in strengthening operations within Kenya while expanding its footprint across the region.
The group reported a strong financial performance in 2023, with a profit of Ksh21.46 billion ($162.7 million), compared to Ksh13.78 billion ($104.47 million) in the prior year. This growth underscores NCBA Group’s commitment to fostering regional economic development and its role in supporting key sectors across Africa’s diverse markets.
