The shares of NCBA Group will be suspended from trading for nine days starting Wednesday to facilitate the transfer of a 66 percent stake in the Kenyan bank to South Africa’s Nedbank Group.
“NCBA Shareholders and the public are notified that NCBA shares will be suspended from trading from on or about the close of business on Wednesday, 21 October 2026 to the close of business on Monday, 2 November 2026 to enable the reconciliation of the Share Register,” NCBA said in a statement.
“The transfer of NCBA shares from NCBA shareholders to Nedbank will be through a block trade executed through the Block Trade Board of the NSE on Tuesday, 3 November 2026. Settlement of Nedbank Shares and dispatch of cash payments to NCBA Shareholders will take place from Tuesday, 3 November 2026.”
The South African bank is buying the NCBA stake under a hybrid compensation plan in which 80 percent of the consideration is made via a share swap, and 20 percent in cash.
The stock option was done at a conversion rate of 4.02994 shares for every 100 NCBA shares. The Nedbank shares were priced at 250 Rand (Sh1928.50) using the deal’s exchange rate, while the cash option was priced at up to Sh105 per NCBA share.
Nedbank earlier estimated it will pay Sh23.23 billion in the cash option, and hand the NCBA sellers 43.63 million of its shares for the equity option. The final details are expected to be announced soon.
“Nedbank Group will announce the final figures in respect of the cash portion paid and new Nedbank Group shares issued in settlement of the consideration … on or about Thursday, 5 November 2026,” the multinational said in a statement.
“Nedbank Group expects NCBA’s financial results to be consolidated into the Nedbank Group’s financial results in the fourth quarter of 2026.”
NCBA shareholders will have the option of either holding onto the Nedbank stock for dividends and future capital gains, or they can sell up immediately and book the gains that have accrued since January. Nedbank’s stock closed at 288.6 Rand on Monday.
Nedbank managed to achieve its target of a 66 percent stake or 1.087 billion shares, handing it control of Kenya’s fifth largest bank by assets.
The multinational received initial acceptances from NCBA owners amounting to 920.65 million shares, or 55.88 percent of the Kenyan bank’s issued shares. Participating investors then exercised an option to sell an additional 395.7 million shares (24.02 percent) in excess applications to help fill the gap.
In order to limit itself to the planned 66 percent stake, Nedbank rejected 228.99 million shares from the excess applications. NCBA will remain listed on the NSE post-transaction, with minority investors holding a combined 34 percent stake in the bank.
