By Benadeta Mwaura - Reporter
Kenya, 11 August 2026 - Former Principal Secretary Esther Koimett has emerged as the largest individual shareholder in Middle East Bank Kenya, holding a 17.48% stake linked to the inheritance of shares from the estate of her late father, businessman and former Cabinet minister Nicholas Biwott.
The latest ownership disclosures place Koimett ahead of other major shareholders, including MEB Holdings Limited, which owns 11.58%, and Mustang Limited with a 10.47% stake. Baumann Management Services Limited and Good Fortune Limited each hold 6.6%.
Koimett's 17.48% holding makes her the single-largest individual investor in the lender, which has a predominantly Kenyan ownership structure.
The bank's disclosures show that local shareholders control 90.22% of Middle East Bank Kenya, while foreign investors account for 9.78%. Individuals collectively own 20.31%, with Koimett holding the overwhelming majority of the individual shareholding.
Her stake is understood to have originated from the estate of Biwott, who died in July 2017. Reports on his succession arrangements indicated that his children were to receive equal portions of his estate, with the estate divided into 14 shares.
The exact date on which Koimett acquired the current 17.48 per cent holding has not been publicly established, although the bank has confirmed her present ownership.
Koimett's relationship with the bank extends beyond shareholding. She joined the Middle East Bank Kenya board on February 26, 2024, giving her a direct role in the lender's governance.
Her emergence as a major shareholder comes at an important period for Kenya's banking industry, particularly for smaller lenders facing higher capital requirements.
Middle East Bank Kenya increased its core capital to KSh3.07 billion by December 2025, up from KSh2.11 billion in September, as banks moved to comply with the Central Bank of Kenya's revised capital requirements.
The lender reported a KSh264.37 million net profit in 2025, representing a 22.2% increase from KSh216.34 million the previous year. Its first-quarter 2026 net earnings also increased by 16.9% to KSh35.29 million.
The development comes as Kenya's banking sector enters another phase of consolidation. Larger African banking groups are increasingly looking at Kenyan lenders as they seek to expand their regional footprint, while smaller banks face pressure to strengthen their capital bases.
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The CBK has proposed progressively increasing the minimum core capital requirement for commercial banks to KSh10 billion by 2032, a move expected to encourage further consolidation within the industry.
Against this backdrop, owning a 17.48% stake in a locally controlled commercial bank gives Koimett a significant position in an industry undergoing considerable structural change.
Koimett herself brings extensive experience in finance, investment and public-sector management. She previously served as Investment Secretary at the National Treasury and as chief executive of Kenya Post Office Savings Bank, in addition to serving as a Principal Secretary in government.
She currently holds several corporate positions, including chairperson of M-PESA Holdings and AAR Insurance Kenya, and serves on boards including Kenya Airways and Car & General.
Her latest disclosure therefore places a new dimension on the wealth inherited from Biwott's estate: a stake in a Kenyan commercial bank that has now become one of the family's significant publicly visible business interests.
For Middle East Bank Kenya, meanwhile, the concentration of a significant individual stake comes as the lender seeks to navigate higher capital requirements and an increasingly competitive banking market where ownership structures could become particularly important as consolidation gathers pace.
Esther Koimett Emerges as Largest Individual Shareholder in Middle East Bank Kenya
Koimett herself brings extensive experience in finance, investment and public-sector management.
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