Quick answer
NCBA's largest shareholder is First Chartered Securities Limited with 14.94%, followed by Enke Investments (13.20%), D&M Management Services (11.58%) and Brookshire (8.63%). Nedbank Group offered on 21 January 2026 to buy about 66% of NCBA, paying KSh 2,100 cash plus 4.02994 Nedbank shares per 100 NCBA shares.
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NCBA Group’s biggest shareholders are investment companies linked to some of Kenya’s best-known business and political families, and together the top ten hold close to three quarters of the bank. That ownership is set to change after South Africa’s Nedbank Group on 21 January 2026 served notice of its intention to buy about 66% of NCBA in a cash-and-share deal.
NCBA’s top 10 shareholders
NCBA has 1,647,519,532 ordinary shares in issue. The table below shows its ten largest shareholders as listed in the shareholders’ circular NCBA later issued on the Nedbank offer.
| Rank | Shareholder | NCBA shares held | Stake |
|---|---|---|---|
| 1 | First Chartered Securities Limited | 246,149,354 | 14.94% |
| 2 | Enke Investments Limited | 217,497,023 | 13.20% |
| 3 | D&M Management Services LLP | 190,707,470 | 11.58% |
| 4 | Brookshire Limited | 142,142,031 | 8.63% |
| 5 | Westpoint Nominees Limited | 126,661,231 | 7.69% |
| 6 | Yana Investments Limited | 89,069,204 | 5.41% |
| 7 | Kahuho Holdings Limited | 67,602,884 | 4.10% |
| 8 | Rivel Kenya Limited | 64,206,673 | 3.90% |
| 9 | Makimwa Consultants Limited | 48,587,307 | 2.95% |
| 10 | Kestrel Capital Nominee Services Limited A/C 12 | 26,000,000 | 1.58% |
The top ten hold a combined 74.0% of NCBA. The Star reports that First Chartered Securities is the vehicle of the Ndegwa family and that Enke Investments is linked to the Kenyatta family. Former President Uhuru Kenyatta’s brother, Muhoho Kenyatta, also holds 12,754,099 shares (0.77%) in his own name, according to the circular. The Star said all the major shareholders have backed the Nedbank offer.
Based on NCBA’s market value of about KSh 149 billion on 21 January, The Star estimated the First Chartered stake at about KSh 22.2 billion and the Enke stake at about KSh 19.7 billion.
What Nedbank is offering
In its announcement on the Johannesburg Stock Exchange, Nedbank said it had submitted its notice of intention to the NCBA board, the Capital Markets Authority (CMA), the Nairobi Securities Exchange (NSE) and the Competition Authority of Kenya. It wants to acquire 1,087,362,891 NCBA shares through a partial pro rata offer, meaning every shareholder can sell 66% of their holding, with a chance to apply to sell more.
For every 100 NCBA shares sold, shareholders will receive KSh 2,100 in cash plus 4.02994 Nedbank shares listed in Johannesburg. Reuters valued the deal at 13.9 billion rand (about US$855.5 million) at Nedbank’s share price of 250 rand, with 20% paid in cash and 80% in new Nedbank shares. The Star put the deal at about KSh 109.9 billion.
Small shareholders get a simpler deal. Anyone whose tendered shares would earn fewer than 200 Nedbank shares receives the full price in cash, at KSh 105 per NCBA share (KSh 10,500 per 100 shares). The Star worked out that this covers holders of fewer than about 9,400 NCBA shares. For larger holders, the blended value was about KSh 98.72 per share at the time of the announcement. NCBA shares had closed at KSh 90.50 on 21 January, and NCBA’s strategy director Louisa Wandabwa said the stock rose by about 8% in early trading the next morning.
What it means for NCBA’s owners
If the deal goes through, Nedbank will own about 66% of NCBA and the remaining 34% will keep trading on the NSE, so NCBA will stay listed. NCBA Group Managing Director John Gachora explained it this way: “If it is done exactly the way it should be done, shareholders will have 66 per cent of their shares taken up. Twenty per cent of that will be paid in cash and the remaining 80 per cent will be paid in Nedbank shares.”
The families would keep about a third of their current stakes, while gaining shares in Nedbank. Gachora said Nedbank wants NCBA as its anchor investment in East Africa. NCBA was formed on 1 October 2019 from the merger of NIC Group (founded in 1959) and Commercial Bank of Africa (founded in 1962) and operates in Kenya, Uganda, Tanzania and Rwanda.
Update
The offer opened on 28 May 2026 and closed on 10 July 2026. Nedbank reported that shareholders holding 1,316,357,895 shares, or 79.90% of NCBA, accepted, more than its 66% target, so excess applications will be scaled back. The Central Bank of Kenya approved the acquisition on 28 August 2026. In a 1 September 2026 announcement, NCBA said most regulatory approvals had been obtained and the rest were expected towards the end of the third quarter of 2026. Shareholders who accepted are paid from the 10th trading day after the offer is declared unconditional.
What NCBA shareholders should do
Keep your CDS account details and contact information up to date with your stockbroker so that payments and any Nedbank shares reach you. If you own NCBA shares from years ago and are not sure where they are held, check our guide to unclaimed dividends, and follow upcoming payouts on our NSE dividend calendar. For independent advice, use one of the CMA-licensed investment advisers. You can also compare NCBA with its rivals in our review of top bank stocks, or estimate repayments on our NCBA loan calculator.
Frequently asked questions
Who owns the most NCBA shares?
First Chartered Securities Limited, with 246,149,354 shares or 14.94%. The Star reports it is linked to the Ndegwa family. Enke Investments, linked to the Kenyatta family, is second with 13.20%.
How much of NCBA is Nedbank buying?
About 66%, or 1,087,362,891 shares, through a partial pro rata offer to all shareholders.
Will NCBA remain listed on the NSE?
Yes. Nedbank and NCBA say the remaining shares will continue to trade on the Nairobi Securities Exchange after the deal.
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