Former Kenyan government official Esther Koimett becomes Middle East Bank’s largest shareholder after multimillion-dollar inheritance

Former Kenyan Principal Secretary Esther Jepkemboi Koimett has become Middle East Bank Kenya’s largest individual shareholder with a 17.48% stake, following a multimillion-dollar inheritance from the estate of her late father, businessman and former Cabinet minister Nicholas Biwott.

• Esther Jepkemboi Koimett has become the largest individual shareholder of Middle East Bank Kenya with a 17.48% stake, following an inheritance from her late father, Nicholas Biwott.
• Koimett surpassed major corporate shareholders, marking a significant transfer of private banking wealth in Kenya.
• She joined the Middle East Bank board on February 26, 2024, bringing over three decades of experience in banking, public policy, and investment management.
• Middle East Bank remains largely Kenyan-owned, with Koimett now controlling the majority of the individual shareholding, during a time of industry consolidation and rising capital requirements.

The bank’s latest ownership disclosures place Koimett ahead of MEB Holdings Limited, which owns 11.58%, Mustang Limited at 10.47%, and Baumann Management Services Limited and Good Fortune Limited, which each hold 6.60%.

Koimett’s position marks a significant transfer of private banking wealth in Kenya and places a former senior public servant among the country’s most prominent individual investors in a commercial bank.

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From inheritance to bank ownership

The stake followed a multi-billion-shilling transfer of wealth from the estate of her late father, businessman and former Cabinet minister Nicholas Biwott, who died in July 2017 and left each of his children an equal one-fourteenth share.

However, public disclosures do not establish precisely when Koimett acquired the Middle East Bank shares, with the bank only confirming her current 17.48% holding.

Meanwhile, her emergence as the lender’s largest shareholder has also deepened her involvement in its governance.

Koimett joined the board on February 26, 2024, with the bank announcing, “The Board is delighted to welcome Mrs. Esther Koimett, effective 26 February 2024.”

Middle East Bank describes her as having more than three decades of experience spanning banking, investment promotion, public enterprises and public policy.

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A notable position for a female investor

The development is notable in Kenya’s banking sector, where large individual shareholdings remain relatively uncommon among women.

Kenya has produced several prominent female investors, including lawyer Jane Wanjiru Michuki, who previously held a minority stake in Equity Bank and ranked among the country’s best-known female stock-market billionaires.

However, available public records do not show that Michuki held an individual commercial-bank stake comparable with Koimett’s current 17.48%.

Koimett therefore joins a small group of women with significant equity interests in African financial institutions, although available records do not conclusively establish her as the first Kenyan woman to become the largest individual shareholder in a commercial bank.

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Middle East Bank remains largely Kenyan-owned

Despite its name, Middle East Bank Kenya is overwhelmingly locally owned. The lender was established in 1981 by the UAE-based Al-Futtaim Group, but control passed to Kenyan investors after the conglomerate sold its stake in 1991.

Today, local investors control 90.22% of the lender, while foreign shareholders account for 9.78%.

Corporate shareholders collectively own 79.69%, compared with 20.31% held by individuals, with Koimett accounting for most of the individual shareholding.

The ownership shift comes as Kenya’s banking industry undergoes another period of consolidation and capital raising, with African lenders increasingly seeking acquisitions and expansion opportunities in East Africa’s largest financial hub.

Middle East Bank reported net profit of Sh264.37 million in 2025, up 22.2% from Sh216.34 million, while core capital reached Sh3.07 billion as lenders adjusted to higher Central Bank of Kenya capital requirements.

For Koimett, the stake adds significant bank ownership to a career that has included leadership at Postbank, senior government roles in transport, telecommunications and investment management, and board positions across corporate Kenya.