Esther Koimett becomes largest shareholder in Middle East Bank Kenya

Esther Koimett, a former Kenyan Principal Secretary, has become the largest individual shareholder in Middle East Bank Kenya. Following regulatory disclosures, Koimett holds a 17.48% stake in the institution.

The acquisition follows a multi-billion shilling wealth transfer from the estate of her late father, Nicholas Biwott, a former Cabinet minister and businessman who passed away in 2017. Koimett joined the bank’s board on February 26, 2024, and brings over three decades of experience in banking, public policy, and investment promotion.

Middle East Bank Kenya, which was originally established by the UAE-based Al-Futtaim Group before ownership was transitioned to local investors in the 1990s, is now predominantly locally owned. Local shareholders account for 90.22% of the bank’s ownership. Other significant shareholders include MEB Holdings Limited (11.58%), Mustang Limited (10.47%), and Baumann Management Services Limited and Good Fortune Limited, which hold 6.60% each.