NCBA Group Plc is one of East Africa’s most widely held and influential banking stocks on the Nairobi Securities Exchange (NSE). With Nedbank Group Limited announcing plans to acquire a controlling stake through a tender offer, attention has shifted to NCBA’s largest shareholders and how ownership concentration could shape the transaction.
NCBA’s shareholding structure reflects a mix of long-standing family investment vehicles, institutional holders and nominee accounts. As at 31 December 2024, the top 10 shareholders collectively controlled about 74 percent of the bank, with the remaining shares held by institutional and retail investors.
Top 10 NCBA Shareholders (2025)
| Rank | Shareholder | % Ownership |
|---|---|---|
| 1 | First Chartered Securities Limited | 14.94% |
| 2 | Enke Investments Limited | 13.20% |
| 3 | D&M Management Services LLP | 11.54% |
| 4 | Brookshire Limited | 8.63% |
| 5 | Westpoint Nominees Limited | 7.69% |
| 6 | Yana Investments Limited | 5.41% |
| 7 | Kahuho Holdings Limited | 4.10% |
| 8 | Rivel Kenya Limited | 3.90% |
| 9 | Makimwa Consultants Ltd | 2.95% |
| 10 | MTC Trust Corporate Services Ltd – ESOP | 1.32% |
Source: NCBA Group annual share register
First Chartered Securities Leads NCBA Ownership
First Chartered Securities Limited is NCBA’s largest single shareholder with just under 15 percent ownership. The investment vehicle is associated with the family of former Central Bank of Kenya Governor Philip Ndegwa and has long-standing roots in NIC and CBA, the two banks that merged to form NCBA.
Its position at the top of the register places it among the most influential shareholders as the Nedbank acquisition process unfolds.
Enke Investments Remains a Key Stakeholder
Enke Investments Limited ranks second with 13.20 percent, making it another pivotal shareholder. The firm is widely linked to the Kenyatta family’s investment interests and represents one of the longest-held strategic stakes in the Kenyan banking sector.
Although Enke previously held the largest stake, recent disclosures show it has been overtaken by First Chartered.
D&M Management Services Completes the Top Three
With 11.54 percent, D&M Management Services LLP is the third-largest shareholder. Together, the top three shareholders control nearly 40 percent of NCBA, giving them substantial influence over shareholder decisions, including participation in the Nedbank tender offer.
Institutional and Nominee Holdings
Brookshire Limited and Westpoint Nominees Limited together account for more than 16 percent of NCBA. Nominee accounts often represent institutional investors, pension funds or high-net-worth clients, suggesting that a significant portion of NCBA’s ownership is held on behalf of third parties.
Yana Investments, Kahuho Holdings, Rivel Kenya and Makimwa Consultants further highlight the role of private investment vehicles in the bank’s ownership structure.
Employee Share Ownership
The NCBA Employee Share Ownership Plan (ESOP), administered through MTC Trust Corporate Services, holds 1.32 percent of the bank. While relatively small, the ESOP aligns staff interests with long-term shareholder value and becomes increasingly relevant during corporate transactions.
Why NCBA Shareholding Matters During the Nedbank Deal
NCBA’s ownership concentration will play a central role in determining the success of Nedbank’s proposed acquisition of approximately 66 percent of the bank. Large shareholders will be key decision-makers in whether the tender offer succeeds, particularly given the mixed consideration structure of cash and Nedbank shares.
For investors, the share register provides insight into:
- Governance influence, as large shareholders often shape board and strategic outcomes
- Deal certainty, since concentrated ownership can speed up or complicate acquisitions
- Market confidence, with long-term shareholders signalling belief in NCBA’s valuation and future prospects
As regulatory approvals progress, the response of NCBA’s top shareholders will be closely watched by the market.
