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Kenya's third largest bank NCBA Group now says it is ready to pay the taxman the Sh350 million tax waiver it benefited from during the merger of NIC and CBA banks in 2019; if court determines that it was not entitled to that waiver.
The National Treasury exempted them from paying share transfer tax amount to Sh350 million during former President Uhuru Kenyatta's regime.
The Kenyatta family had a significant stake in CBA, while the Nairobi Securities Exchange-listed NIC Group was controlled by the wealthy Philip Ndegwa family. The merger created one of the largest financial services groups in the region.
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