Nedbank of South Africa has completed the purchase of a 66% controlling stake in Kenya’s NCBA Group, marking a major cross‑border banking transaction.

Under the terms, the Kenyatta, Ndegwa and Merali families will receive roughly KSh 7.84 bn (about USD 60.3 million) in cash together with around 15 million newly issued Nedbank shares valued at approximately KSh 55.4 bn based on the Johannesburg Stock Exchange price on the day of completion.

The cash component is priced at KSh 21 per NCBA share plus 4.02994 new Nedbank shares for each share acquired.

The figures assume each family tendered 66% of its respective holding as required by the agreement.

Before the deal, the Ndegwa family held 14.9% through First Chartered Securities, the Kenyatta family 13.2% via Enke Investments, and the Merali family 5.4% through Yana Investments.

Trading of NCBA shares on the Nairobi Securities Exchange will be suspended from around 21 October until 2 November to allow the share register to be reconciled.

Distribution of the cash consideration and the newly issued Nedbank shares is scheduled to begin on 3 November.

NCBA will retain its brand, Nairobi headquarters and current management team, while the remaining 34% of shares continue to trade publicly.

Nedbank chief executive Jason Quinn said the transaction establishes a significant presence for Nedbank in East Africa, underscoring the lender’s regional expansion ambitions.