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The Nedbank NCBA takeover is complete: South Africa’s Nedbank Group now owns 66% of NCBA Group after the share transfer settled on 3 November 2026, making the Kenyan lender a Nedbank subsidiary. NCBA confirmed completion in a public announcement dated 4 November 2026, and Nedbank published the final offer results on the Johannesburg Stock Exchange’s news service on 5 November.
How the Nedbank NCBA takeover was settled
According to NCBA, 1,087,362,891 NCBA shares moved from accepting shareholders to Nedbank through an on-market block trade on the Nairobi Securities Exchange’s Block Trade Board, as approved by the Capital Markets Authority. Share and cash payments to accepting shareholders, and cash for fractional entitlements, were also completed on 3 November.
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Nedbank’s final results announcement gives the numbers:
| Item | Figure |
|---|---|
| Pro rata acceptances | 920,425,367 shares (55.87%) |
| Excess applications | 395,597,477 shares (24.01%) |
| Total acceptances | 1,316,022,844 shares (79.88%) |
| New Nedbank shares issued to NCBA holders | 43,631,052 |
| Cash portion paid | KSh 23,228,613,861 (ZAR 2.93bn at 7.9225 KES/ZAR) |
Because acceptances, including excess applications, came to about 79.9% of NCBA’s shares, Nedbank scaled them back to take exactly 66%. The Central Bank of Kenya’s weekly bulletin of 6 November valued the NCBA share acquisition at KSh 107.3 billion and said it drove a 2,755.81% jump in NSE equity turnover in the week to 5 November.
Nedbank NCBA takeover timeline
- 17 April 2026: Nedbank’s offer document for a partial pro rata offer of about 66% of NCBA.
- 21 July 2026: initial results showed acceptances from holders of 79.90% of NCBA shares.
- 19 October 2026: the offer became unconditional; NCBA’s own notice followed on 21 October.
- 3 November 2026: shares transferred and consideration paid; trading resumed.
- 4–5 November 2026: completion and final-results announcements.
NCBA stays listed after the Nedbank NCBA takeover
NCBA remains listed on the NSE, with about 34% of its shares held by the public. Trading in NCBA shares, suspended at the close of business on 21 October 2026 to reconcile the share register, resumed on 3 November. Nedbank said when the offer became unconditional on 19 October that NCBA would keep its brand, local leadership and independent governance, and that no in-country operational integration was needed because Nedbank had only a representative office in the region.
What it means for NCBA customers and shareholders
The Nedbank NCBA takeover changes who controls the bank, not how customers bank. Neither announcement sets out any change to customer accounts, loans or product terms, and NCBA’s banking licence and operations remain in Kenya. Remaining shareholders hold a minority stake in a bank now controlled by one of South Africa’s largest lenders. Compare the bank’s products in our NCBA loan interest rates guide and its payout record in NCBA dividend history.
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