Nedbank Completes 66% Takeover of Kenya's NCBA in Nairobi Block Trade

South Africa's Nedbank Group has completed its takeover of Kenya's NCBA Group, taking a 66 percent controlling stake through a block trade on the Nairobi Securities Exchange on Tuesday, November 3. NCBA, Kenya's fifth-largest bank by assets, becomes a subsidiary of the South African group, and the deal gives Nedbank its first major presence in East Africa.

The final settlement figures were confirmed on Thursday, November 5. Accepting shareholders received Sh23.23 billion in cash, about $178.74 million, and 43.63 million new Nedbank shares, the South African group said in its completion notice reported by Business Day. The issue takes Nedbank's total shares in issue to 520.9 million.

How the deal closed

The block trade moved 1,087,362,891 NCBA shares to Nedbank in a single session. The transaction drove the exchange's equity turnover to KES 107.7 billion on the day, TechTrends Kenya reported. Shareholders had tendered 1.316 billion shares, 79.9 percent of NCBA's issued capital, well above the two-thirds stake Nedbank wanted, and acceptances were scaled back to the 66 percent target. The consideration was split 80 percent in Nedbank shares and 20 percent in cash.

The offer was set out in a document dated April 17, 2026 and closed on July 10. It cleared the Central Bank of Kenya, the Capital Markets Authority and regional competition authorities, and was declared unconditional in October. Trading in NCBA shares was suspended from October 21 to November 2 while the share register was reconciled, then halted again on November 3 so the block trade could run.

What changes in Nairobi

NCBA keeps its listing on the Nairobi exchange, with the remaining 34 percent of its shares held by public investors. Nedbank will consolidate NCBA's results into its group accounts from the fourth quarter of 2026. Beyond Kenya, the deal hands Nedbank NCBA's operations in Tanzania, Uganda and Rwanda, and its digital operations in Ghana and Ivory Coast.

The first governance moves landed the same day as the trade. Nedbank chief financial officer Michael Howard Davis and Nedbank Corporate and Investment Banking chief executive Anel Bosman joined the NCBA board as non-executive directors, effective November 3. NCBA has also named Esther Wanjiku Kung'u as Group Company Secretary. Nedbank chief executive Jason Quinn said the group was proud to welcome NCBA to the Nedbank Group, in the completion statement reported by Kenyan outlets.

What happens next

The takeover was Nedbank's largest move outside South Africa, and the integration work now starts: board representation, reporting lines, and a Kenyan bank that keeps its own listing and brand under new control. For Nairobi, the test is whether a South African parent with regional ambitions puts fresh capital behind NCBA's lending, or runs it for dividends. The first consolidated results, due with the fourth quarter, will give an early answer.