Nedbank Group Limited completed the acquisition of roughly 66 per cent of NCBA Group Plc on Tuesday, November 3, 2026, through a block trade on the Nairobi Securities Exchange (NSE) that valued the transaction at about KSh110 billion.

The block trade moved 1,087,362,891 NCBA shares to Nedbank, with the shares registered in Nedbank’s name at the Central Depository and Settlement Corporation (CDSC); settlement began on November 3 and included a cash payment of KSh23,228,613,860.87 to accepting shareholders and the issue of 43,631,052 new Nedbank shares at a price of ZAR 250 each, bringing the total deal price to roughly ZAR 13.9 billion.

NSE equity turnover on the day surged to KSh107.7 billion, up from KSh420.4 million the previous session, with NCBA accounting for 99.6 per cent of the turnover (KSh107.3 billion); the NCBA stock traded 1.0 billion shares and closed 4.26 per cent higher at KSh91.75, up from KSh88.00.

Foreign investors accounted for 49.93 per cent of the value traded, buying KSh107.4 billion and selling KSh186.9 million, resulting in a net foreign inflow of KSh107.2 billion.

The Capital Markets Authority exempted Nedbank from a mandatory offer, the Central Bank of Kenya approved the deal on August 28 under Section 13(4) of the Banking Act, and competition reviews were cleared by the COMESA Competition Commission and the East African Community Competition Authority; Khusoko valued the transaction at KSh116.3 billion.

After the offer closed on July 10, holders of 79.90 per cent of NCBA shares (1,316,357,895 shares) accepted; Nedbank accepted all valid pro-rata tenders totalling 920,425,367 shares (55.87 per cent of issued shares) and scaled down excess applications by taking 166,937,524 of the 395,597,477 shares tendered above entitlement.

Post-transaction, Nedbank holds 66 per cent of NCBA while about 34 per cent (560,156,641 shares) remain with other shareholders and continue to trade; NCBA retains its brand, management and board, with Nedbank to nominate at least two directors to the NCBA board and NCBA shareholders to appoint one representative to Nedbank’s board.

The NSE suspended trading in NCBA shares on October 21 to reconcile the share register and lifted the suspension on November 3, stating: “The Nairobi Securities Exchange Plc (NSE) hereby notifies the investing public and market participants that the suspension of trading in the ordinary shares of NCBA Group Plc, which took effect at the close of trading on Wednesday, 21 October 2026, will be lifted with effect from Tuesday, 3 November 2026,” and added that trading would be temporarily halted on that day “to facilitate the execution of a block trade through the NSE Block Trade Board, pursuant to the acquisition by Nedbank Group Limited of approximately 66 per cent of the issued ordinary shares of NCBA Group Plc.”

In other market activity, bond turnover fell 21.2 per cent to KSh5.3 billion from KSh6.7 billion, derivatives turnover was KSh2.6 million across 3,084 contracts, Kakuzi led gainers up 7.40 per cent to KSh438.50 and KPC led losers down 10.00 per cent to KSh12.15.

NCBA now has a controlling shareholder and a 34 per cent public float; future trading volumes, board changes and Nedbank’s regional corporate and investment banking plans will indicate how the ownership change plays out.