Kenyatta Family to Co-Own Kenya's Third Largest Bank in Proposed CBA-NIC Bank Merger
Two rich Kenyan families, the Kenyattas and the Ndegwas are set to form Kenya's third largest bank following the announcement of a possible merger of Commercial Bank of Africa (CBA) and National Industrial Credit Bank (NIC).
If successful, the merger will create the third-largest lender by assets in the country behind Kenya Commercial Bank (KCB) and Equity Bank, whose total assets stand at Sh684.1 billion and Sh560.3 billion respectively.
The entity created as a result of the merger will have Sh444.3 billion in total assets, edging out Cooperative Bank of Kenya, which will be pushed to the fourth position.
President Kenyatta's family owns CBA bank while NIC bank is owned by the family of former Central Bank of Kenya (CBK) Governor Philip Ndegwa.
The proposed deal will bring together the commercial interests of the two wealthy Kenyan families.
“The boards believe that combining the businesses of two highly profitable entities would create enhanced capacity through capital consolidation and strong liquidity to capture strategic growth opportunities,” a statement by boards of the two lenders read.
“The combined group would be strongly placed to play a bigger and more significant role in the banking sector and the economies of Kenya, the region and beyond.”
Comments (6)
Haya! Fisi achunge tu kondoo
This filthy rich people in Kenya should learn to give back to the community. Learn from Michael Bloomberg who gave $1.8 billion to Johns Hopkins University.
Not when the Country has gone to the DOGS.
Jamani, tulipigania uhuru ili watu wachache saana watajirike na huku mamilioni ya wananchi wanasumbuka kila siku na wengi kulala na njaa? Je, huu ni ungwana?
Mzee Kamau wa Ngengi (Jomo Kenyatta) alipotoka jela hakuwa na kitu chochote. Je imekuwakuwaje sasa familia yake ina mabilioni ya dola na umaskini umekuwa mbaya sana kuliko 1963?
Hi family makes progress while the country is getting indebted to the Chinese with little that is meaningful to show. Tano tena. Kumira kumira
@Kenya & @Jamama:
Kuna neno moja kutoka Ghana kwa taifa linaloitwa Akan linajulikana kama "Sankofa." Maana yake, si makosa kurudi nyumana kuokota kitu ulichosahau.
Kusema kweli, mimi sina kinyongo (bitterness, resentment) na mkristo Uhuru! Kuna watu wanaokasirika wanapoambiwa yaliyo ya kweli. Uhuru alijaribu yeye mwenyewe kuchaguliwa na watu wa Gatundu halafu wakamkataa. Aliokolewa na Mzee mkristo Toroitich. Kama si Mzee huyu, hatungekuwa na mkristo Ruto au Uhuru kwenye utawala wa Kenya sasa. Hata sasa, Mzee huyu anataka kuamua atakayekuwa rais wa Kenya 2022. Sijui kwa nini hataki kustaafu kama ndugu yake mkristo Emilio Mwai Kibaki!