South Africa‘s Nedbank has completed its purchase of a 66% stake in NCBA Group, making the Nairobi-listed lender a subsidiary of the Johannesburg-listed bank. The deal closed after regulators signed off.
Nedbank offered to buy about 66% of NCBA. The package is worth roughly 13.9 billion South African rand, or about KES 110 billion.
Shareholders who sold were paid KES 105 per NCBA share, with 80% of that in new Nedbank shares and 20% in cash. That works out to about KES 21 in cash per share, with the rest in Nedbank stock.
Nedbank didn’t have to chase anyone. Shareholders offered up 1.32 billion shares, or 79.9% of the bank, well above the 66% Nedbank wanted. Nedbank took a proportional slice from each seller to land on its target, so everyone who tendered shares sold only part of what they offered.
NCBA’s biggest owners are some of Kenya’s best-known business families. The Ndegwa family, descendants of former Central Bank of Kenya governor Philip Ndegwa, held 14.9% through First Chartered Securities.
The Kenyatta family held 13.2% through Enke Investments. The Merali family held 5.4% through Yana Investments.
One report estimates the three families will receive about KES 7.84 billion in cash. That figure assumes each family sold 66% of its holding, which is an assumption rather than a disclosed number.
READ: Standard Bank in Talks to Acquire NCBA Group in Landmark Deal
The same report also put a value on the Nedbank shares the families will get, but that number is too large to fit the overall size of the deal, so it is left out here.
What Happens to Trading?
NCBA shares on the Nairobi Securities Exchange were suspended after the close of business on October 21 so the share register can be updated. Reports say trading should resume around November 2. Cash and new Nedbank shares are due to start reaching sellers on November 3.
What Stays the Same
NCBA keeps its name, its Nairobi headquarters, its management team and its NSE listing. The other 34% of the bank remains in public hands and keeps trading in Nairobi. The bank says customers should see no change to branches, products or digital channels.
What Nedbank Gets
NCBA was formed in 2019 when NIC Bank merged with Commercial Bank of Africa. It ranks fourth in Kenya by assets. For the year ending December 2025 it reported a net profit of KES 23.4 billion, up 7% from KES 21.9 billion.
Total assets rose 8% to KES 716 billion, customer deposits rose 6% to KES 532 billion, and operating income grew 17% to KES 73.3 billion.
Digital lending is a large part of the story. NCBA disbursed KES 1.4 trillion in digital loans in 2025, up 33%, and digital business made up 32% of group profit.
For Nedbank, this is a way into East Africa without building a branch network from nothing. The bank already operates in Namibia, Zimbabwe, Mozambique, Lesotho and Eswatini, and has offshore centres in London, Dubai, the Isle of Man and Jersey.
