How Former PS Became Middle East Bank Kenya’s Largest Shareholder

Kenya’s former Principal Secretary Esther Koimett Jepkemboi is the largest individual shareholder in Middle East Bank Kenya, with more than 5% ownership according to the latest bank reports.

Koimett is also a director of Middle East Bank Kenya, having joined the bank’s board in February 2024.

“Esther Koimett – Appointed on 26 February 2024. The Board is delighted to welcome Mrs. Esther Koimett, effective 26 February 2024,” the bank confirmed the appointment in its earlier annual report.

Koimett’s shareholding and board position are separate. Her ownership gives her significant investor status, while her directorship relates to the bank’s governance and board responsibilities.

Full List of Major Shareholders

Middle East Bank Kenya lists five shareholders with more than 5% ownership.

Former Principal Secretary Esther Koimett holds the largest stake at 17.48%, followed by MEB Holdings Limited at 11.58%.

Mustang Limited holds 10.47%, while Baumann Management Services Limited and Good Fortune Limited each hold 6.60%.

Major Shareholder	Ownership
Esther Jepkemboi Koimett	17.48%
MEB Holdings Limited	11.58%
Mustang Limited	10.47%
Baumann Management Services Limited	6.60%
Good Fortune Limited	6.60%

The bank reports 20 individual shareholders, who collectively account for 20.31% of ownership. Corporate shareholders number 21 and hold 79.69% collectively.

In terms of geographical ownership, Middle East Bank Kenya reports 39 local owners, representing 90.22%, while two foreign owners account for 9.78% of ownership.

How Esther Koimett acquired the stake

Esther Koimett’s 17.48% stake in Middle East Bank Kenya is reported to have come from the estate of her late father, businessman and former Cabinet minister Nicholas Biwott. The transfer is described as an inheritance rather than a publicly reported open-market purchase.

Biwott died in July 2017. Reports at the time stated that he died after suffering from kidney failure.

Reports on Biwott’s will indicated that his children were to receive equal portions of his estate. Koimett was among the beneficiaries, alongside other children from Biwott’s different families.

The will reportedly divided the estate into 14 equal shares, with one share allocated to each identified child and another held in trust for grandchildren.

Following his death, Biwott’s estate was subject to the succession and administration process. The executors were responsible for identifying assets, settling estate obligations and distributing property to beneficiaries in accordance with the will.

The relevant Middle East Bank Kenya shares were subsequently registered in Koimett’s name. Her reported 17.48% holding now makes her the bank’s largest individual shareholder.

Who is Koimett: Education and Career Life

Esther Koimett Jepkemboi holds a Bachelor of Commerce and a Master of Business Administration (MBA) from the University of Nairobi.

She also completed an Advanced Management Program (AMP) at Strathmore University and is a member of the Institute of Investment and Financial Analysts, Kenya.

Koimett built her career in Kenya’s public sector, specializing in investment promotion, public enterprise reform, privatization, banking and public policy.

She held senior positions at the Ministry of Finance before becoming Investment Secretary at the National Treasury, where she was involved in managing government investments and public enterprises.

Between 2002 and 2005, Esther Koimett served as Managing Director and Chief Executive Officer of Kenya Post Office Savings Bank (Postbank), giving her direct experience in banking management before she returned to senior government investment roles.

She later served as Permanent Secretary in the Ministry of Tourism and Information before becoming Principal Secretary for the State Department of Transport and later Principal Secretary for the State Department of Broadcasting and Telecommunications.

Her public-service career covered transport, telecommunications, investment, government enterprises and public policy.

Koimett has served on boards linked to institutions including: