Nedbank Group’s offer to acquire about 66% of Kenya’s NCBA Group became unconditional on 15 October after its outstanding conditions were met, according to a 19 October market notice. Business Day reported that the transaction is valued at R13.9 billion. The transfer of shares and settlement of the mixed cash-and-share consideration are expected to begin on 3 November. NCBA is due to become a Nedbank subsidiary when the transaction closes.
The offer closed on 10 July but remained subject to regulatory approvals and other conditions. Nedbank expects to acquire about 1.09 billion NCBA shares after final reconciliation, scaling and allocation. The stake will give the South African group control while leaving the remaining 34% of NCBA’s issued shares in public hands. NCBA will retain its listing on the Nairobi Securities Exchange.
SETTLEMENT TIMETABLE
Nedbank’s notice set 21 October as the settlement date, after which NCBA shares are due to be suspended from trading. Trading is expected to resume on 3 November, when the share transfer, issue of new Nedbank shares and cash payments to accepting investors are scheduled to start.
The bank expects to publish final figures for the cash paid and new shares issued on or about 5 November. It also expects to consolidate NCBA’s financial results into Nedbank’s accounts during the fourth quarter of 2026.
EAST AFRICAN EXPANSION
NCBA operates in Kenya, Uganda, Tanzania, Rwanda, Ivory Coast and Ghana, serving more than 60 million customers through 122 branches. Nedbank said the transaction establishes a substantial East African presence and connects its Southern African platform with NCBA’s regional network.
NCBA said its brand, local leadership, Nairobi headquarters and customer-facing operations would remain unchanged. The immediate milestones are the trading suspension, share transfer and settlement, followed by Nedbank’s final results announcement on 5 November and subsequent consolidation of the Kenyan group.