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NCBA records Sh266m gain from buyout of insurer AIG
John Gachora, NCBA Group Managing Director and CEO, gives remarks during the release of the first half of the 2024 financial results at Fairmont Norfolk Hotel Nairobi on August 22, 2024.
NCBA Group has booked a gain of Sh266.8 million from its acquisition of insurance firm AIG Kenya, with the amount indicating that the new subsidiary will perform better as an integrated part of the banking group than when it was a standalone business.
The Nairobi Securities Exchange-listed firm, which already owned a 33.33 percent stake in AIG, spent Sh1.07 billion last July to buy the remaining stake. The 33.33 percent stake was acquired in 2006 at a cost of Sh332.5 million.
