Kimani Ichung’wa, the National Assembly Majority Leader and legislator for Kikuyu Constituency has taken up a one per cent stake in mortgage financier HF Group, formerly Housing Finance, after purchasing 18,642,043 shares valued at Sh138.3 million.

The legislator confirmed that the acquisition was financed through a loan, saying his decision was influenced by confidence in the company’s new growth path and its improving financial results.

“Previously, the business focused heavily on property development which has slow returns. They have now shifted towards a more profitable model, especially retail banking which delivers quicker returns on equity,” said Ichung’wa.

Ichung’wa’s move follows a wave of interest in HF Group from influential investors.

Just two months ago, it was disclosed that former Kenya Revenue Authority chair Anthony Mwaura and his immediate family had collectively secured a 12.72 per cent holding in the company, valued at Sh1.6 billion.

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Records show Mwaura’s personal stake was obtained through his firm, Toddy Civil Engineering, which acquired 81.6 million shares representing 4.33 per cent of the business, worth about Sh548.3 million.

His wife, Rose Njeri, purchased a 4.21 per cent holding worth Sh533.5 million via Effort Merchants, while their daughter, Susan Wanjiru, bought a 4.18 per cent stake worth Sh528 million through Janton Investments.

These investments were made during HF Group’s 2024 rights issue and placed the Mwaura family behind only Britam Holdings, which maintains a controlling 48.17 per cent stake in the lender.

Mwaura indicated that his family viewed HF Group as a strong indigenous bank with long-term growth prospects and considered the acquisition part of a retirement strategy.

The mortgage financier has been undergoing a strategic shift, moving away from slower-yielding property development ventures towards retail banking operations aimed at delivering faster returns on equity, a transformation that is attracting high-profile investors positioning themselves for the long haul.