NCBA Suspends NSE Trading as Nedbank Takeover Advances

NCBA Group has announced a temporary suspension of its shares on the Nairobi Securities Exchange (NSE) as Nedbank Group advances its takeover. The South African financial services company is acquiring a controlling stake in the Kenyan lender.

In a public announcement issued on Wednesday, October 21, 2026, NCBA confirmed that the takeover offer had become unconditional. The bank said the settlement date had been set for the same day.

Trading in NCBA shares will remain suspended from the close of business on October 21 until Monday, November 2, 2026. The suspension will allow the bank to reconcile its shareholder register before completing the transaction.

“NCBA Shareholders and the investing public are notified that NCBA Shares will be suspended from trading from 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,” the bank stated.

Trading is scheduled to resume on Tuesday, November 3, when the transfer of shares to Nedbank is expected to begin. Payments to shareholders who accepted the takeover offer are also scheduled to start on that date.

NCBA Group Managing Director John Gachora said the offer had become unconditional after the necessary approvals were received. He added that the required conditions for completing the takeover had been fulfilled.

Shareholders Await Takeover Payments

NCBA said shareholders who accepted Nedbank’s offer would begin receiving their payments from November 3. The settlement process is expected to take place within 14 trading days after the offer became unconditional.

The bank’s timetable indicates that the process will begin on the ninth trading day following the settlement date. NCBA also expects to announce the final results of the offer on or around Wednesday, November 4.

The reconciliation exercise will involve comparing shareholder records from the offer’s closing date with those recorded on the settlement date. This process is intended to establish the shareholders eligible for payment and facilitate the transfer of shares.

Nedbank Acquiring 66 Per Cent Stake

Nedbank’s takeover involves approximately 1.087 billion ordinary shares, representing about 66 per cent of NCBA’s issued share capital. The acquisition will give the South African banking group a controlling interest in the Kenyan lender.

The transfer is expected to take place through a block trade on the NSE. This mechanism allows a large volume of shares to change ownership through a single transaction.

NCBA said the transaction was expected to be completed from November 3, following the previously communicated timetable. The temporary suspension is intended to facilitate the administrative steps required to implement the deal.

NCBA to Remain Listed on NSE

Despite the change in ownership, NCBA will retain its listing on the Nairobi Securities Exchange. Investors are expected to resume trading in its shares once the scheduled suspension ends.

The takeover therefore does not automatically mean NCBA will leave Kenya’s stock market. Instead, the transaction will change the bank’s ownership structure while maintaining its public listing.

The offer was made on a pro-rata basis, allowing shareholders to participate according to the terms outlined in the offer document dated April 17, 2026. The Central Bank of Kenya approved the transaction on September 1, clearing an important regulatory step.

The remaining stages involve reconciling shareholder records, transferring the relevant shares to Nedbank and paying shareholders who accepted the offer. NCBA expects to publish the final offer results on November 4, 2026.