South Africa’s Nedbank Group completed its acquisition of a 66 percent controlling stake in NCBA Group PLC on Tuesday, 3 November 2026, through a block trade on the Nairobi Securities Exchange. The transaction pushed the NSE’s daily equity turnover to KES 107.7 billion.
Nedbank acquired 1,087,362,891 NCBA shares, equivalent to 66 percent of the issued capital. The remaining 34 percent stays with minority and public shareholders. NCBA remains listed on the NSE.
How the Deal Was Structured
Shareholders tendered 1,316,357,895 shares, or 79.9 percent of NCBA’s issued capital, by the time the offer closed on 10 July 2026. Nedbank scaled the acceptances back on a pro-rata basis to hold its stake at the targeted 66 percent.
Accepting shareholders are receiving a combination of cash and newly issued Nedbank Group shares listed on the Johannesburg Stock Exchange. The exact mix depends on the size of each holding and eligibility rules set out in the offer document. Settlement of both the cash portion and the new Nedbank shares began on 3 November.
The offer became unconditional on 15 October 2026 after all regulatory conditions were met. NCBA shares had been suspended from trading between 21 October and 2 November to allow reconciliation of the share register before the block trade.
Read also:CBK Approves Nedbank’s Acquisition of 66% Stake in NCBA Group
What Changes for NCBA
Nedbank will fully consolidate NCBA’s financial results into its group accounts from the fourth quarter of 2026. NCBA will retain its brand, its Nairobi headquarters, and its local management team led by Group Managing Director John Gachora.
The bank serves more than 60 million digital and retail customers across Kenya, Uganda, Tanzania, Rwanda, Ivory Coast and Ghana through 122 branches. Day-to-day operations and customer services continue unchanged.
Market Impact
The NCBA block trade accounted for the bulk of the NSE’s KES 107.7 billion equity turnover on 3 November. NCBA shares closed the day 4.26 percent higher at KES 91.75 after trading resumed.
The transaction gives Nedbank its first major presence in East Africa. NCBA remains a listed company on the Nairobi Securities Exchange with a free float of 34 percent held by the public.
Sources:
Nedbank Group – Nedbank completes landmark NCBA deal (19 October 2026)
NCBA Group – Offer Now Unconditional and Settlement Date Confirmation (October 2026)
KBC – NCBA to suspend shares trading as Nedbank completes acquisition
Mwango Capital – NSE turnover update (3 November 2026)