South Africa’s Nedbank Group has finalised its acquisition of a 66 per cent controlling stake in NCBA Group after paying KSh23.23 billion in cash and issuing 43.63 million new shares, bringing the transaction’s total value to approximately KSh107.37 billion.
In separate announcements issued on Wednesday, November 4, the two banking groups confirmed that the takeover was completed on Tuesday, November 3, following the transfer of 1,087,362,891 NCBA shares through a block trade at the Nairobi Securities Exchange (NSE).
As part of the settlement, Nedbank issued 43,631,052 new shares priced at ZAR250 each and made cash payments amounting to KSh23,228,613,860.87. Using the exchange rate agreed upon in the offer, the combined consideration was valued at approximately KSh107.37 billion.
The transferred shares have since been registered in Nedbank’s name at the Central Depository and Settlement Corporation (CDSC), formally making NCBA a subsidiary of the South African banking group.
Final reconciled results indicated that NCBA shareholders tendered approximately 1.316 billion shares, representing 79.88 per cent of the bank’s issued share capital. This was marginally lower than the provisional acceptance rate of 79.90 per cent announced in July.
Nedbank took up all 920.43 million shares offered under shareholders’ pro-rata entitlements. It also allocated an additional 166.94 million shares from excess applications amounting to 395.60 million. The remaining 228.66 million excess shares were retained by their existing shareholders.
Following the transaction, Nedbank now controls 66 per cent of NCBA, while the remaining 34 per cent is held by other investors. NCBA will continue trading on the NSE, with normal market activity resuming on November 3 after a suspension that had taken effect at the close of trading on October 21.
Block Trade Drives NSE Turnover to KSh107.70bn
The transaction triggered an unprecedented surge in activity at the Nairobi Securities Exchange, pushing total equity turnover to KSh107.70 billion on November 3, compared with KSh420.40 million recorded in the previous session.
NCBA accounted for KSh107.30 billion, equivalent to 99.6 per cent of the day’s total turnover.
Foreign investors purchased shares worth KSh107.40 billion against sales of KSh186.90 million, resulting in net foreign inflows of approximately KSh107.20 billion. This marked the highest daily net foreign buying recorded in NSE data reviewed since 2008.
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NCBA shares closed at KSh91.75, representing a 4.26 per cent increase from the previous closing price of KSh88.
Nedbank first announced the acquisition in January 2026. The deal gives the South African lender control of a banking group that recorded a net profit of KSh12.40 billion in the first half of 2026, marking a 12.2 per cent increase compared with the corresponding period in 2025.
Despite the change in ownership, NCBA will retain its existing brand, Nairobi headquarters and local leadership team.
Nedbank expects to begin incorporating NCBA’s financial results into its consolidated group accounts from the fourth quarter of 2026.
