NCBA Group shares will be suspended from trading on the Nairobi Securities Exchange (NSE) from October 21 to November 2, 2026, as South African lender Nedbank Group takes control of the Kenyan bank following a KSh110 billion acquisition. The suspension will allow the reconciliation of NCBA’s shareholder register before the transfer of shares and settlement of payments begin on November 3.
Nedbank completed the acquisition of a 66% controlling stake in NCBA after receiving the required regulatory approvals and satisfying the conditions of its takeover offer.
The transaction makes NCBA a subsidiary of the Johannesburg-listed banking group, marking a major ownership change for one of East Africa’s established financial services companies.
NCBA shareholders tendered 1.316 billion shares, representing 79.90% of the bank’s issued shares, when the offer closed on July 10.
This exceeded Nedbank’s target of acquiring 66% of the company, forcing the lender to scale back excess applications on a pro-rata basis to achieve its intended controlling stake.
Under the final allocation, Nedbank will acquire approximately 1.087 billion NCBA shares. Shareholders who accepted the offer will receive a combination of cash and newly issued Nedbank shares, with the transaction structured around an 80% share-swap component and 20% cash consideration.
Nedbank had previously estimated that the cash portion would amount to approximately KSh23.24 billion, alongside the issuance of about 43.63 million new Nedbank shares.
The final settlement figures are expected to be announced on or around November 5, 2026.
NCBA’s shares closed at KSh85.75 on Monday, October 19, before the suspension. Investors who accepted the offer will have to wait for settlement to receive their cash payments and Nedbank shares, while shareholders who retain their NCBA holdings will continue to own part of the bank after the transaction.
Despite the change in control, NCBA will remain listed on the NSE, with public investors retaining a combined 34% stake.
The bank is also expected to retain its name and local leadership, while gaining the financial backing of Nedbank to pursue regional expansion and develop additional financial products.
The acquisition also gives Nedbank a stronger foothold in East Africa, complementing its existing presence in Southern African markets.
The consolidation of NCBA’s financial results into Nedbank’s accounts is expected to begin in the fourth quarter of 2026, as the two groups move into the post-acquisition phase.
