Business · Kenya · South Africa · East Africa
Nedbank takes control of Kenya’s NCBA, paying $178.7m in cash plus new shares for a 66% stake
The South African lender completed the deal through a block trade on the Nairobi bourse on 3 November. NCBA stays listed, with about a third of its shares in public hands.
NAIROBI — South Africa’s Nedbank Group now controls Kenya’s NCBA Group. The deal was completed on 3 November, when 1.087 billion NCBA shares moved to Nedbank through an on-market block trade on the Nairobi Securities Exchange (NSE), Capital FM reported. “Accordingly, the Transaction has been completed and NCBA has become a subsidiary of Nedbank Group,” the Kenyan lender said in a notice to investors.
Nedbank paid accepting shareholders $178.7m in cash and issued 43.63 million new Nedbank shares as part of the consideration, Capital FM said. Holders had tendered 1.316 billion NCBA shares, or 79.9% of the bank, more than the 66% Nedbank wanted, so excess applications were scaled down, NCBA said in a statement reported by Nairobi Leo. About 80% of the price was paid through a share swap and 20% in cash, Business Daily reported.
Kenya’s fifth-largest bank changes hands
The deal gives Nedbank control of Kenya’s fifth-largest lender by assets, including its strategy, expansion and dividend policy, Business Daily said. Nedbank has said it would help NCBA grow its corporate banking business using its larger balance sheet. NCBA’s shares, suspended since 21 October so the share register could be reconciled, rose 4.2% when trading resumed on 3 November.
Nedbank chief executive Jason Quinn has said NCBA will remain independently governed and keep its brand and local leadership. “The business will remain locally anchored and locally led,” he said in a Nedbank statement. Because Nedbank had only a representative office in the region, no in-country operational integration is needed, the bank said.
AB24’s reading from Nairobi: the deal turns Nedbank, until now present in the region only through a representative office, into the owner of a major Kenyan bank. Watch for changes to NCBA’s board and dividend policy, how quickly Nedbank pushes corporate lending through its new subsidiary, and whether rivals answer with deals of their own.
Sources: Capital FM, 4 Nov 2026; Business Daily, 3 Nov 2026; Nairobi Leo, 4 Nov 2026; Nedbank Group.
— AB24 · Nairobi