KEY POINTS
- Muhoho Kenyatta NCBA appointment adds experience to the board.
- The appointment comes as investors track merger talks.
- NCBA’s stability strengthens interest around the appointment.
Kenyan entrepreneur Muhoho Kenyatta is re-engaging with the family’s enduring banking ventures with his appointment as a non-executive board at NCBA Group Plc, the Nairobi-based financial institution linked to the Kenyatta family. The declaration was made on Wednesday by Group Managing Director John Gachora. His appointment to the board becomes effective on December 1 and represents a significant change at the bank amid escalating speculation regarding ongoing acquisition negotiations with Standard Bank Group, Africa’s largest financial institution.
Muhoho Kenyatta NCBA appointment signals shifts
NCBA provided no indication as to whether Kenyatta’s entry would alter the current board structure, which has ten directors. The bank issued a concise statement expressing its welcome to him on the NCBA board, highlighting his extensive experience as a corporate leader within East Africa’s commercial environment. Kenyatta possesses almost thirty years of experience in the corporate sector of the region, encompassing manufacturing, insurance, healthcare, and banking. He attended Williams College in Massachusetts and has established a career encompassing financial modeling, corporate governance, and long-term business strategy in Kenya and internationally. He is renowned for establishing Brookside Africa Ltd., which has evolved into one of East Africa’s foremost dairy processors, operating in Kenya and Uganda.
According to billionaire Africa, his contributions to both the public and commercial sectors extend to several prominent industry organizations, including the Kenya Association of Manufacturers, the Kenya commercial Sector Alliance, the Kenya Dairy Board, and the Kenya Shippers Council. He held the position of deputy chairman at one of NCBA’s predecessor banks from 2000 to 2019 and was once a board member of NCBA Bank Uganda. He continues to support the expansion of digital financial services through LOOP DFS Ltd., a wholly owned subsidiary of NCBA, within the larger organization. Outside of banking, Kenyatta continues to participate in youth development initiatives that assist young individuals in exploring employment opportunities and advocating for their interests in economic matters.
Market watches Muhoho Kenyatta NCBA appointment
NCBA has rapidly expanded with the 2019 merger of NIC Group and Commercial Bank of Africa, which united two prominent family-owned financial institutions. The merged organization now functions in Kenya, Tanzania, Uganda, Rwanda, and Côte d’Ivoire, establishing it as one of the most geographically diverse banks in Kenya.
The Kenyatta family own 217.5 million shares in NCBA, representing a 13.2 percent ownership holding, via the estate of the late President Jomo Kenyatta. The value of that position has decreased over the past five weeks, falling from Ksh20.93 billion ($161.35 million) to Ksh18.32 billion ($141.24 million), a decline of Ksh2.61 billion ($20.12 million) due to subdued market sentiment.
