Nedbank acquires 66% stake in NCBA for N$2.93 billion

CHAMWE KAIRA

Nedbank Group has completed the acquisition of a 66% stake in Kenya-based NCBA Group PLC, following the final reconciliation of acceptances under its offer to shareholders.

In an announcement dated 5 November 2026, Nedbank said it received acceptances for 1.316 billion NCBA shares, representing 79.88% of the company’s issued shares.

The acceptances comprised 920.4 million shares, or 55.87%, submitted under the pro rata entitlement, and a further 395.6 million shares, representing 24.01%, through excess applications.

Following the application of scaling and allocation mechanisms, Nedbank acquired 66% of NCBA’s issued shares.

The transaction was implemented through a combination of cash and shares, with Nedbank issuing 43.63 million new ordinary shares to NCBA shareholders who accepted the offer and qualified to receive the share component. This increased Nedbank’s total issued shares to 520.9 million.

The cash portion amounted to KES23.23 billion, equivalent to R2.93 billion at an aggregate exchange rate of KES7.9225 to the rand.

NCBA will retain its listing on the Nairobi Securities Exchange following the transaction.

Nedbank initially announced the results of its offer on 21 July 2026, before confirming on 19 October that the offer had become unconditional in all respects.

The offer allowed NCBA shareholders to tender 66% of their beneficial shareholdings, with the option to submit excess applications for up to 100% of their holdings, subject to scaling and allocation by Nedbank.

Nedbank Group is listed on the Johannesburg Stock Exchange, the Namibia Securities Exchange and A2X. Its shares trade on the NSX under the code NBK.