Former cabinet minister Simeon Nyachae has emerged as one of the leading shareholders of the merger between NIC and CBA banks.
The two companies have since formally merged, forming NCBA brand which has already taken effect in respective branches, although the process will be completed next year.
“The process of amalgamating the subsidiary businesses, both in Kenya and the region, and the adoption of the name NCBA and brand identity by each is currently ongoing and subject to regulatory approvals,” the company said in a statement.
“This process is expected to be completed by March 31, 2020," the statement further read.
Nyachae, a businessman, politician, former chief secretary and former head of civil service had 3.1 million CBA shares that converted into 8.6 million shares in NCBA and whose stock is currently trading at about Sh35 on the Nairobi Securities Exchange. His stake in NCBA now stands at 0.57 percent.
Before the merger, Nyachae was one of the leading investors in CBA. His wealth at NCBA is now valued at Sh300 million.
His wealth is closely rivaling that of President Uhuru Kenyatta's family and former Central Bank of Kenya Governor Philip Ndegwa.
Mr Muhoho Kenyatta, for instance, now holds a direct stake worth Sh400 million in NCBA. He also holds other shares in the bank indirectly alongside other members of the wider Kenyatta family whose total ownership in the lender is estimated at 13.2 percent or the equivalent of about Sh6.8 billion
Nyachae was first elected to Parliament in 1992 to represent Nyaribari Chache. He emerged third in 2002 presidential polls behind Mwai Kibaki and Uhuru Kenyatta.
In 2007, Nyachae quit politics. He has been closely monitoring politics from his home.