NCBA sale complete as Kenyatta, Ndegwa families cash in on Sh109b in Nedbank deal
Business
By
Brian Ngugi
| Jul 21, 2026
South Africa’s Nedbank Group Ltd has secured a controlling 66 per cent stake in homegrown tier-one lender NCBA Group.
The deal will see the families of Kenya's founding president Jomo Kenyatta and former Central Bank governor Philip Ndegwa emerge as major beneficiaries of a transaction valued at approximately Sh109.6 billion.
The offer, which closed on 10 July, drew acceptances from shareholders holding 1.316 billion shares, representing 79.90 per cent of NCBA’s issued share capital, Nedbank said in a statement on Tuesday. The tender was structured to allow each shareholder to offer 66 per cent of their holding, with provisions for excess applications.
The two dynasties, which together control roughly 28 per cent of NCBA, are set to receive approximately Sh21.9 billion in cash and shares.
Under the deal, 80 per cent of the target NCBA shares will be converted into Nedbank stock listed on the Johannesburg Stock Exchange at a rate of 4.02994 shares for every 100 NCBA shares, with the remaining 20 per cent bought in cash.
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The Kenyatta family, through Enke Investments Ltd (13.20 per cent stake), will offload 143.54 million shares, receiving 4.63 million Nedbank shares valued at Sh9.4 billion and Sh602.9 million in cash. Businessman Muhoho Kenyatta has also committed to sell 66 per cent of the 12.75 million shares he holds directly in NCBA.
The Ndegwa family, through First Chartered Securities Ltd (14.94 per cent stake), will convert 129.97 million shares into 5.24 million Nedbank shares valued at Sh10.65 billion and receive a cash payment of Sh682.34 million.
Both families will retain minority stakes—73.94 million shares for the Kenyattas and 83.69 million for the Ndegwas—while the remaining 34 per cent of NCBA will continue trading on the Nairobi Securities Exchange.
The offer has received the full backing of 15 top shareholders with a combined 77.54 per cent stake in the NSE-listed lender.
Nedbank, one of South Africa’s “Big Four” banks, gains immediate scale in East Africa through NCBA’s 122 branches across Kenya, Uganda, Tanzania, and Rwanda, alongside digital banking services reaching 65 million users.
Regulatory approvals have been obtained from the Capital Markets Authority of Kenya, the Prudential Authority of the South African Reserve Bank, the Common Market for Eastern and Southern Africa (Comesa) and East African Community competition authorities, among others. Outstanding approvals are expected towards the end of the third quarter of 2026.
NCBA will continue to be listed on the Nairobi Securities Exchange post-implementation.
“The offer closed at 17h00 (EAT) on Friday, 10 July 2026...and was accepted by NCBA shareholders holding 1,316,357,895 NCBA shares, representing 79.90 per cent of the NCBA shares in issue,” Nedbank said in its results announcement.
The transaction will result in the issue of approximately 43.6 million new Nedbank shares and a cash payment of approximately Sh23.2 billion.
For the Kenyatta and Ndegwa families, the deal represents a significant windfall relative to the historical acquisition cost of shares held for decades while maintaining ongoing exposure to African banking through their new Nedbank shareholdings.
For Nedbank, the acquisition marks its first meaningful foothold in East Africa, a region where it previously maintained only a representative office.