As of April 2019, NCBA chairman James Ndegwa and his brother, Andrew Ndegwa, owned 6.6 million shares worth Ksh704 million in Commercial Bank of Africa (CBA) Group which later merged with NIC Bank to form NCBA.
James held 3.1 million shares in CBA (1.09 percent stake) worth Ksh333.9 million while Andrew held 3.4 million shares (1.21 percent stake) worth Ksh370.8 million.
Also, James held 52.5 million shares in NIC with a market value of Ksh1.8 billion, similar to Andrew’s though James’ shares were 11,874 higher. Before being transferred to the new entity, the shares were multiplied by 2.7. The merger saw James acquire 61.3 million shares in NCBA.
In the recent revelation, James and his brother Andrew own 4.6 percent stake in NCBA each, estimated to be worth Ksh1.6 billion each.
Cumulatively, the Ndegwa family holds an 11.6 percent stake in NCBA with a market value of Ksh4.6 billion.
James and Andrew are sons of the former Central Bank of Kenya (CBK) governor Philip Ndegwa, who died in 1996.
Currently, James Ndegwa serves as the Capital Markets Authority (CMA) chairman and also chairs First Chartered Securities (FCS), a company that was started by his father in 1974.
FCS owns ICEA Lion, which owns ICEA Lion Asset Managers, which manages the ICEA Money Market Fund, all regulated by CMA.
ICEA Lion recently acquired Stanlib, hence Stanlib Money Market fund is also under ICEA lion.
Little is known about his brother Andrew.
NIC and CBA merged last year to form NCBA, becoming the third-largest bank in the country with assets of Ksh453.5 billion based on results for the year ended December 2018. It was valued at Ksh66 million, the book value of the merged entities.
KCB Group ranks the first with an asset base of Ksh714.3 billion followed by Equity Group with assets worth Ksh573.3 billion. Co-op Bank ranks fourth (formerly third before NIC-CBA merger) with assets worth Ksh413.4 billion.