Nedbank Takes Controlling Stake in NCBA via KSh107.7 Billion NSE Share Transaction
South African bank Nedbank has acquired a controlling stake in Kenya's NCBA Group through a transaction involving 1.087 billion shares changing hands on the Nairobi Securities Exchange for KSh107.7 billion, equivalent to over $830 million. The deal is described as the largest cross-border bank acquisition in East Africa in several years.
NCBA Deal: the settlement is the story
The agreement was announced in July. The regulatory green light came in September. The shareholder vote was settled by October.
What happened on November 3 is the final act: 1.087 billion shares changing hands on the Nairobi Securities Exchange in a single block trade worth KSh107.7 billion — the largest cross-border bank acquisition East Africa has seen in years, clearing in public, on African rails, between two African institutions.
That's the detail worth sitting with. This wasn't settled offshore or routed through a foreign exchange. The NSE processed it. African capital markets doing what they're supposed to do.
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- Nedbank takes control of NCBA as 1.087 billion shares change hands in KSh107.7 billion NSE transaction · techtrendske.co.ke · T2