Staff Writer
Nedbank Group has secured its targeted 66% shareholding in Kenya’s NCBA Group PLC after shareholders accepted its takeover offer for nearly 80% of the bank’s issued shares.
The banking group announced that shareholders tendered a total of 1.316 billion NCBA shares, representing 79.9% of the issued ordinary shares, following the close of the offer on 10 July 2026.
The offer allowed NCBA shareholders to tender 66% of their beneficial holdings on a pro rata basis while also submitting applications to sell additional shares, subject to allocation by Nedbank.
Of the total acceptances received, 920.65 million shares, equivalent to 55.88% of NCBA’s issued shares, were submitted under the pro rata entitlement, while excess applications accounted for a further 395.71 million shares, or 24.02%.
Based on the shareholder response, Nedbank said it had achieved its targeted 66% ownership in NCBA.
As part of the transaction, Nedbank expects to issue approximately 43.63 million new ordinary shares to eligible NCBA shareholders who accepted the offer.
In addition, shareholders opting for the cash component will receive an aggregate payment of about KES23.24 billion, equivalent to roughly N$2.96 billion at the exchange rate prevailing on 20 July 2026.
The bank said the final results of the offer will be announced no later than the tenth trading day after the settlement date.
Following completion of the transaction, NCBA will remain listed on the Nairobi Securities Exchange.
Nedbank also confirmed that it has received several key regulatory approvals for the acquisition, including clearance from the South African Reserve Bank’s Prudential Authority and Financial Surveillance Department, as well as regulators in Kenya, Rwanda, Tanzania and regional competition authorities.
The remaining regulatory approvals are expected to be obtained by the end of the third quarter of 2026. The transaction remains subject to the fulfilment or waiver of the remaining conditions set out in the offer documentation.
Once all conditions have been met and the transaction becomes unconditional, trading in NCBA shares on the Nairobi Securities Exchange will be temporarily suspended to facilitate settlement before resuming from the tenth trading day after the settlement date.
The transfer of shares to Nedbank, settlement of new Nedbank shares and cash payments to accepting shareholders are also expected to commence from the tenth trading day after settlement.
