- The transaction, which follows the receipt of required regulatory approvals, signals Nedbank’s confidence in the region’s financial services sector and is expected to unlock new opportunities for NCBA’s customers, employees and shareholders.
South Africa’s Nedbank Group Limited has completed its
strategic investment in NCBA Group PLC, acquiring a 66 per cent controlling
stake in the East African lender.
The transaction, which follows the receipt of required regulatory
approvals, signals Nedbank’s confidence in the region’s financial services
sector and is expected to unlock new opportunities for NCBA’s customers,
employees and shareholders.
NCBA will retain its brand and local leadership despite the
change in ownership, and completion of the transaction will make NCBA Group an
East African subsidiary of South Africa’s Nedbank Group Limited.
Despite the change in shareholding, NCBA will remain listed on
the Nairobi Securities Exchange (NSE), with the remaining 34 per cent of its
issued shares held by the public.
At the close of the transaction, NCBA shareholders had
tendered a total of 1.32 billion shares, representing 79.90 per cent of the
lender’s issued shares — exceeding the 66 per cent stake Nedbank had set out to
acquire.
Nedbank has reiterated that NCBA will retain its brand, local
leadership, Nairobi headquarters and customer-facing operating model, even as
it joins the South African lender’s regional operations.