The Government of Kenya has maintained varied levels of ownership in the company since acquisition in 1970. This has been managed through the Office of the Cabinet Secretary Treasury (formerly, Permanent Secretary Treasury). Below is a chronology of the evolution in the ownership:
1. The Government of Kenya acquired 100% shareholding in National and Grindlays Bank in 1970 and re-named it Kenya Commercial Bank (now KCB Group Plc)
2. In 1998, the Government sold 20% of its shares at the NSE through an IPO that saw 120,000 new shareholders acquire the company
3. The Government sold 10%, 10% and 25% in 1990,1996 and 1998 respectively, reducing its shareholding to 35%
4. A series of rights issues in 2004, 2008 and 2010 were conducted by the company, with proceeds channeled towards growing the business and financing regional expansion. The Government opted not to take up its rights effectively diluting its ownership to 26.2%, 23.6% and 17.3% respectively
5. The Board in 2016 introduced a scrip dividend where shareholders received dividends partly in cash and partly as additional shares. The Government took up this offer, marginally increasing its shareholding to the current level of 17.5%.
6. In 2019, KCB Group Plc concluded the acquisition of National Bank of Kenya via swap shares. From the transaction, the C.S. National Treasury, being a shareholder of National Bank, received additional KCB Group Plc shares increasing the total shareholding from 17.5% to 19.76%.