Nedbank offers Sh109.5 billion for 66 per cent stake in NCBA

One of the NCBA branches (PHOTO: File)

South African lender Nedbank Group has offered to acquire a controlling 66 per cent stake in the Kenyatta family-linked NCBA Group for approximately ZAR 13.9 billion (Sh109.5 billion), marking a major strategic entry into East Africa by the Johannesburg-based financial giant.

The deal, executed via a tender offer, values the Kenyatta-linked lender at Sh165.9 billion, representing a significant premium for shareholders of the tier one home-grown bank. Under the proposed terms, NCBA shareholders will receive a 20 per cent cash portion, amounting to Sh21.9 billion, with the remaining 80 per cent settled through the issuance of new Nedbank ordinary shares listed on the Johannesburg Stock Exchange (JSE).