Nedbank seeks controlling stake in NCBA Group

The deal values NCBA at 1.4 times its book value, with shareholders receiving 20 per cent in cash.

South African lender Nedbank Group has launched a tender offer to acquire about 66 per cent of NCBA Group’s shares, potentially giving it a controlling stake in the Kenyan bank.

The remaining 34 per cent of NCBA shares would continue trading on the Nairobi Securities Exchange.