The Nairobi Securities Exchange (NSE) has announced the resumption of trading in NCBA Group Plc shares following a suspension imposed on October 21, 2026, to facilitate a major acquisition by South Africa’s Nedbank Group.
In a notice issued on Tuesday, November 3, the NSE said the suspension would be lifted with effect from the same day, although trading in the lender’s shares would be temporarily halted to facilitate the execution of a block trade.
The transaction involves Nedbank’s acquisition of approximately 66 per cent of NCBA’s issued ordinary shares through the NSE Block Trade Board.
“The temporary halt is intended to facilitate the orderly execution and settlement of the transaction. Trading in NCBA Group Plc shares will resume upon completion of the block trade process,” the NSE stated.
The exchange said the temporary trading halt would allow the transaction to be completed and settled in an orderly manner before normal trading resumes.
The development marks a major step in the proposed entry of Nedbank as the majority shareholder in NCBA Group, one of East Africa’s largest banking groups.
Nedbank completed the acquisition of approximately 66 per cent of NCBA Group on October 19, 2026, making the Kenyan lender a subsidiary of the South African banking group.
The transaction followed an offer first announced in January 2026, through which Nedbank sought to acquire 1,087,362,891 ordinary shares from NCBA shareholders.
The acquisition was valued at approximately R13.9 billion (about Ksh100 billion at prevailing exchange rates when the offer was announced), with shareholders accepting the offer set to receive 20 per cent of their consideration in cash and the remaining 80 per cent in newly issued Nedbank shares.
The Central Bank of Kenya approved the acquisition on August 28, 2026, paving the way for Nedbank to take control of the financial institution. Central Bank of Kenya
Following completion, NCBA retained its listing on the Nairobi Securities Exchange, with the remaining 34 per cent of its shares continuing to be held by public investors.
Nedbank Group Chief Executive Jason Quinn described the acquisition as a major milestone in the bank’s expansion strategy.
“This landmark transaction establishes a significant presence for Nedbank in East Africa and marks a decisive step forward in our African growth strategy,” Quinn said.
He added that combining the two banking platforms would create opportunities for customers and shareholders while supporting trade, investment and economic growth across the continent.
NCBA was formed in 2019 following the merger of NIC Group and Commercial Bank of Africa (CBA). The group operates across Kenya, Uganda, Tanzania and Rwanda, with additional financial services interests in other African markets.
The completion of the transaction and the scheduled block trade on November 3 mark the final stages of transferring the acquired shares to Nedbank.
