NCBA Group has completed the transfer of a 66 per cent controlling stake to South Africa’s Nedbank Group, handing the multinational control of one of Kenya’s biggest banks.
Nedbank acquired 1,087,362,891 NCBA shares through a block trade on the Nairobi Securities Exchange (NSE) on Tuesday, November 3, 2026. The trade pushed the bourse’s total equity turnover for the day to Sh107.7 billion. In return, accepting shareholders received 43,631,052 new Nedbank shares, valued at 250 South African rand (about Sh1,928.50) each, and a cash payment of Sh23,228,613,860.87.
“The Offer has now been completed in line with the previously indicated timing,” NCBA said in a notice on Wednesday, November 4.
Nedbank now controls NCBA’s strategy, including its expansion plans and how much of its earnings it retains or distributes as dividends. The South African lender has said it will use its larger balance sheet to help grow NCBA’s corporate banking business.
NCBA shares, suspended since October 21 to allow the shareholder register to be reconciled, resumed trading on Tuesday. They rose 4.2 per cent to close at Sh91.75, up from Sh88, as other investors bought 109,248 shares.
NCBA remains listed on the NSE, with the 34 per cent held by minority investors available for trading. “NCBA continues to be listed on the NSE with approximately 34% of its issued shares held by the public,” the bank said.
The deal, valued at about 13.9 billion rand (about Sh110 billion), paid sellers 80 per cent in Nedbank shares and 20 per cent in cash. The share swap was done at a rate of 4.02994 Nedbank shares for every 100 NCBA shares, while the cash option paid up to Sh105 per NCBA share.
Shareholders who took Nedbank shares can keep them to earn dividends and benefit from future gains, or sell them right away to cash in on the rise in value since January. Nedbank shares closed at 290.8 rand on Tuesday, well above the 250 rand used in the deal.
Nedbank said it would confirm the final cash paid and the new shares issued on or about Thursday, November 5, 2026. “Nedbank Group expects NCBA’s financial results to be consolidated into the Nedbank Group’s financial results in the fourth quarter of 2026,” it said.
Demand for the offer far exceeded Nedbank’s target. Shareholders first accepted 920.65 million shares, or 55.88 per cent of NCBA, and then offered a further 395.7 million shares (24.02 per cent) as excess applications. To keep its stake at 66 per cent, Nedbank turned down 228.99 million of the extra shares.
Nedbank also placed two of its senior executives on NCBA’s board as non-executive directors, effective November 3: Michael Howard Davis, Nedbank Group’s Chief Financial Officer and Executive Director, and Anel Bosman, Chief Executive of Nedbank Corporate and Investment Banking.
NCBA also appointed Esther Wanjiku Kung’u as Group Company Secretary. “The Board congratulates Michael, Anel and Esther on their appointments,” the bank said.
NCBA will keep its brand, local leadership, Nairobi headquarters and products. “The name is the same, the people are the same, but the ambition and capabilities are tremendously magnified,” NCBA Group Managing Director John Gachora said when the deal was announced on October 19.
Nedbank Group Chief Executive Jason Quinn said: “This landmark transaction establishes a significant presence for Nedbank in East Africa.”
NCBA posted a net profit of Sh23.4 billion in the year to December 2025, on total assets of Sh716 billion.
