July 2021 saw the announcement of the conclusion of merger plans for a Kenya Development Bank. In a gazette notice, the Government announced the creation of the Kenya Development Corporation in June 2021, which comprises the Industrial and Commercial Development Corporation (ICDC), the Tourism Finance Corporation (TFC) and IDB Capital (formerly known as the Industrial Development Bank).
Industrial & Commercial Development Corporation:
ICDC owns 89% of Development Bank of Kenya, 27% of East African Fisheries, 17% of Eveready Batteries, 18% of Funguo Investments, 20% of General Motors East Africa, 4% of IDB Capital, 46% of KWA Holdings (KWAL) 27% of Mountain Region Poultry, 28% of Sisibo Tea, 2% of Uchumi Supermarkets, 31% of Almasi Beverages, 20% of Aon Minet Insurance and 23% of Centum Investments. Through a defunct subsidiary also 5% of Panpaper Mills, and 100% of Kenatco Taxis and 100% of Kenatco Transport.
ICDC also owns Uchumi House and Finance House in Nairobi and plots in Mombasa, Eldama Ravine, Eldoret and Embu, with another next to Malindi airport.
Tourism Finance Corporation:
TFC has subsidiaries including the Bomas of Kenya, Kabarnet Hotel (98%), Sunset Hotel at Kisumu (95%). Also Kenya Safari Lodges (82%), Mt Elgon Lodge (73%), Buffalo Springs (41%), Golf Hotel at Kakamega (40%), Mountain Lodge at Nyeri (39%) as well as 9% of Mararal Lodge and 5% of the Ark. Also Kenya Hotel Properties i.e. Nairobi’s InterContinental Hotel (33%) and International Hotels Kenya i.e Nairobi’s Hilton Hotel (41%). It also owns 52% of African Tours & Hotels (in liquidation).
TFC, previously known as the Kenya Tourist Development Corporation, owns Utalii house, a building on Moi Avenue Nairobi and a plot on prime Nkrumah avenue in Mombasa
IDB owns 0.3% of Consolidated Bank, 0.9% of Nzoia Sugar and 0.3% of South Nyanza Sugar Company (Sony) and a sliver of the Africa Export-Import Bank (AfrExIm)
All assets, securities and systems of the three institutions are now vested in the new corporation.