Shares in NCBA resumed trading on the Nairobi Securities Exchange after Nedbank Group took control of 66 percent of the bank. A block trade of 1.087 billion shares through the NSE’s Block Trade Board on November 3, 2026, moved the stake from existing shareholders to Nedbank. NCBA remains listed, with the remaining 34 percent held by the public.
Nedbank completed its acquisition of roughly 66 percent of NCBA after receiving all required regulatory approvals. The deal was first announced on October 19, 2026. Nedbank’s chief executive, Jason Quinn, said the group was “proud to welcome NCBA to the Nedbank Group.”
Trading in NCBA shares was suspended from October 21 to November 2, 2026, to allow the share register to be reconciled. Trading was then halted again on November 3 so that the block trade could be executed. Cash payments to shareholders who accepted the offer were also due to begin that day.
The block trade moved 1.087 billion shares from NCBA shareholders to Nedbank. The transfer lifted the day’s equity turnover on the exchange to Sh107.7 billion. The size of that one trade shows how much of the bank changed hands in a single session.
Nedbank’s tender offer ran from May 28 to July 10, 2026, giving existing shareholders a window to sell at the offer price. NCBA said it did not acquire or agree to acquire any of its own shares during that period. Business Daily reported that holders could gain up to 20.3 percent by selling into the offer while the stock traded below it.
The deal leaves a small public float that could amplify price swings. Public holders will keep 34 percent, or about 560 million shares. Over the 12 months to April 2026, NCBA’s trading liquidity totalled about US$27 million, or KES 3.42 billion, an average of roughly KES 285 million a month.
Shares rose 8 percent after the deal was announced. Before the announcement, the stock had traded at about 1.2 times book value, according to stockbrokers cited in one market analysis. That reaction reflects how investors value the bank now that a controlling owner is in place.
NCBA declared an interim dividend of KES 3.75 per share on August 21, 2026. Public shareholders who keep their shares will continue to receive dividends and benefit from any future price recovery. Those who remain in the 34 percent free float will be exposed to the strategy of the new majority owner.
The final results of the takeover were provisionally expected on November 4, 2026, on the tenth trading day after settlement. Those results should confirm the final shareholding and the completion of the reconciliation process.
Trading resumes with the remaining public shares now free to move alongside a controlling South African shareholder. Investors will watch for confirmation of the final shareholding, Nedbank’s plans for the Kenyan business and any changes to NCBA’s dividend policy.
