NCBA (Kenya): Who held it, and how?
Asili AfricaPlay episode
Show notes
Commercial Bank of Africa was founded in Dar es Salaam in 1962 by a consortium based in Switzerland, moved to Nairobi, and was later bought and then sold down by Bank of America. NIC began in 1959 as an asset finance lender. By 2017 the Kenyatta family was Commercial Bank of Africa's largest single shareholder, by a route the record we found does not show, and the Ndegwa family controlled NIC. The two banks merged in 2019. In 2026 control is passing to South Africa's Nedbank, paid mostly in Nedbank shares, and the families keep a stake. The merger's stamp duty exemption is still before the Court of Appeal.
