By The Weekly Vision Business Desk
A significant but little-publicised development in Kenya’s banking sector is the emergence of former senior government official Esther Jepkemboi Koimett as the largest disclosed individual shareholder in Middle East Bank Kenya (MEBK), with a 17.48 per cent stake.
The holding is disclosed on the bank’s investor-relations page, which lists Koimett ahead of several corporate shareholders. MEBK states that it has 20 individual shareholders and 21 corporate shareholders, with individuals accounting for 20.31 per cent of ownership and corporations 79.69 per cent. Local investors hold 90.22 per cent of the bank, compared with 9.78 per cent foreign ownership.
The size of Koimett’s interest is notable because MEBK is a privately held commercial bank rather than a company whose shares trade freely on the Nairobi Securities Exchange.
She joined the MEBK board on 26th February 2024, according to the bank’s 2024 annual report. The chairman’s statement welcomed her, citing her extensive financial-services experience and its potential to strengthen the bank’s leadership and growth ambitions. Her career combines public-policy and financial-sector expertise. She has served as Investment Secretary and Director-General of Public Investments and Portfolio Management at the National Treasury, Principal Secretary for Transport, and Principal Secretary for Broadcasting and Telecommunications.
She was also Managing Director and Chief Executive of Kenya Post Office Savings Bank. Boardroom roles have included positions at Safaricom, where she served at various periods dating back to 2001, and Kenya Airways, which reappointed her as a non-executive director in January 2026, representing KQ Lenders Company 2017 Limited. She also chairs AAR Insurance Kenya and M-Pesa Holdings.
The most important unanswered question is when and how she acquired the 17.48 per cent stake. The bank publicly discloses the percentage, but publicly accessible material does not reveal the precise date, transaction price or mechanism. Her board appointment in February 2024 does not establish that she acquired the holding at that time, nor whether it was purchased, transferred or accumulated over multiple transactions.
Other disclosed shareholders holding more than five per cent include MEB Holdings Limited, at 11.58 per cent; Mustang Limited, at 10.47 per cent; Baumann Management Services Limited, at 6.60 per cent; and Good Fortune Limited, at 6.60 per cent. The remaining shares are distributed among other holders. The structure is predominantly Kenyan, underscoring why Koimett’s position as the largest individual shareholder carries weight.
Koimett is a daughter of the late Nicholas Kipyator Biwott, the influential former Cabinet minister and businessman. Contemporary reports after his death listed Middle East Bank among businesses with which he was associated.
![Governor Kimani Wamatangi [Sourtesy]](https://theweeklyvisionews.net/wp-content/uploads/2026/07/WhatsApp-Image-2026-07-25-at-8.32.16-AM.jpeg)