The tectonic plates of Kenya’s banking sector have shifted. In a move that reshapes the country’s corporate landscape, the Kenyatta, Ndegwa, and Nyachae families are set to lose their iron grip on NCBA Group as South African giant Nedbank swoops in.

The deal, valued at approximately $856 million (KES 111 billion), will see Nedbank acquire a controlling 66% stake in the tier-one lender. This is not just an acquisition; it is a changing of the guard. The families that have defined Kenyan capital for decades are cashing out, signaling a new age of globalized ownership.

The Great Sell-Off

For years, the Ndegwa family (First Chartered Securities) and the Kenyatta family (Enke Investments) held nearly 30% of NCBA, dictating its strategy. The new deal structure, a mix of cash and Nedbank shares, dilutes their influence significantly.

"It’s a strategic exit," notes a market analyst. "They are unlocking billions in value while handing the steering wheel to a continental player."

• The Numbers: Nedbank offered a premium to book value, proving that despite economic headwinds, Kenyan assets remain prized. Retail investors will receive KES 105 per share, a sweet deal compared to recent market lows.
• Why Sell? With global banking requiring massive capital buffers and digital innovation, a partnership with Nedbank provides the muscle NCBA needs to dominate East Africa.
• Political Implications: The Kenyatta family’s reduced visibility in a major bank may be read as a retreat from the limelight, or simply smart diversification in a volatile political climate.

What Next for NCBA?

The bank that gave us M-Shwari is now poised to become a Pan-African heavy hitter. For the customer, it means more products and better tech. For the "old money" families, it is a golden handshake worth billions.

The era of family-owned banking giants in Kenya is fading. The era of the multinationals has arrived.