South African banking group Nedbank has completed the acquisition of a 66 per cent controlling stake in NCBA Group PLC, officially making the Kenyan financial institution its subsidiary.
The transaction was finalised on Tuesday, November 3, 2026, following the transfer of 1,087,362,891 NCBA ordinary shares from shareholders who accepted the offer.
In a public announcement issued on Wednesday, November 4, NCBA confirmed that the acquisition had been completed through an on-market block trade on the Nairobi Securities Exchange (NSE), with approval from the Capital Markets Authority (CMA).
Nedbank now owns 66 per cent of NCBA, while the remaining 34 per cent is held by other shareholders, including members of the public. The completion followed the settlement of payments to shareholders who accepted the offer, including those entitled to receive cash and newly issued Nedbank shares.
According to the final transaction results, Nedbank issued 43,631,052 new shares at a settlement price of 250 South African rand per share and paid shareholders a total of Ksh23,228,613,860.87 in cash.
Nedbank initially announced its intention to acquire approximately 66 per cent of NCBA in January 2026, targeting 1.087 billion ordinary shares from existing shareholders.
The offer was structured on a partial pro-rata basis, allowing each NCBA shareholder to tender up to 66 per cent of their shareholding, with an opportunity to submit additional shares through excess applications.
The offer attracted acceptances covering 1,316,022,844 shares, representing 79.88 per cent of NCBA’s issued share capital.
However, Nedbank ultimately acquired 1,087,362,891 shares, equivalent to the targeted 66 per cent stake, after excess applications were scaled down on a proportional basis.
All valid acceptances relating to shareholders’ initial pro-rata entitlement were accepted in full, while some additional shares offered through excess applications were not purchased. The transaction received regulatory approval, including clearance from the Central Bank of Kenya (CBK), which approved the proposed acquisition on August 28, 2026.
At the time, CBK said the transaction would help strengthen the banking sector.
The regulator stated that the acquisition would “ensure continued stability, enhance the resilience of the Kenyan banking sector and promote competition.”
Following completion of the acquisition, NCBA confirmed that it would retain its listing on the Nairobi Securities Exchange, with approximately 34 per cent of its shares remaining in public hands.
Trading in the bank’s shares resumed on November 3 after being suspended at the close of business on October 21 to allow for the reconciliation of the shareholder register and implementation of the transaction.
The completion marks a major development in Kenya’s banking industry, bringing one of the country’s leading financial services groups under the control of a major South African lender.
Nedbank’s investment is also part of its wider strategy to expand its presence beyond Southern Africa and strengthen its position in East Africa.
When it announced the proposed acquisition in January, the South African lender said the region offered attractive growth prospects, supported by its expanding population, economic potential and importance as a trade corridor linking Africa with the Middle East and Asia.
Following the transaction, NCBA has announced changes to its board, appointing two senior Nedbank executives as non-executive directors.
In a notice dated November 3, NCBA said Michael Howard Davis and Anél Bosman had joined its board with effect from the same date.
Davis is the Chief Financial Officer and an Executive Director of Nedbank Group Limited. He has more than 28 years of experience in financial services, covering banking, treasury, risk management, capital and corporate governance.
He previously worked at BoE Bank Limited, which was later acquired by Nedbank, and Deloitte, where he specialised in banking, treasury and risk management.
Davis is a Chartered Accountant (South Africa) and holds a Bachelor of Commerce (Honours) degree and a Postgraduate Diploma in Accountancy from the University of KwaZulu-Natal. He also completed an Advanced Management Programme at INSEAD in France.
In November 2024, he was named CFO of the Year by CFO South Africa.
Bosman, meanwhile, is the Chief Executive of Nedbank Corporate and Investment Banking and has worked within the Nedbank Group for approximately 24 years.
She began her career as a trader before moving into senior roles, including Head of Risk at Nedbank Capital, Chief Financial Officer and Head of Strategy for the same division, and Chief Operating Officer of the cluster in 2011.
She subsequently led the Markets business between 2015 and 2020.
Bosman holds a Bachelor of Commerce degree in Econometrics from the University of Johannesburg and a Master of Philosophy in Economics from the University of Cambridge. She has also undertaken an Advanced Management Programme at Harvard University.
The bank has also appointed Esther Wanjiku Kung’u as its Group Company Secretary. Kung’u joined the NCBA Group in 2008 through NCBA Insurance Company Limited and has since progressed through various positions within the organisation.
She is an Advocate of the High Court of Kenya and a Certified Public Secretary (CPS-K). She also holds an Executive Master of Business Administration from Moi University.
