At the close of trading on Wednesday 21 October 2026, NCBA Group shares stop trading on the Nairobi Securities Exchange. They are due back on or about Tuesday 3 November, the day the shares bought by South Africa's Nedbank pass to it.
For anyone holding NCBA shares, the next two weeks set what they are paid and when they can sell. NCBA's own announcement, as reported by Business Today and The Star, calls the deal completed; Business Radar notes the shares themselves change hands on 3 November.
The dates
| Date (2026) | What happens |
|---|---|
| Mon 19 October | Nedbank says every condition of the offer is met or waived |
| Wed 21 October | Notice published on the JSE news service and in two Kenyan dailies, the settlement date under the offer rules; suspension from close of business |
| Mon 2 November | Suspension ends at close of business |
| Tue 3 November | NCBA shares move to Nedbank by block trade on the NSE Block Trade Board; Nedbank shares and cash start going out; trading expected to resume |
| Wed 4 November | Final offer results, on or about this date |
Source: Business Radar and Business Today, 19 October 2026.
If you tendered
What you get (Facts): for every 100 NCBA shares accepted, KES 2,100 in cash and 4.02994 new Nedbank shares, Business Radar reports. Holders who would end up with fewer than 200 Nedbank shares, or who cannot hold them, are paid all in cash at KES 105 a share. Nedbank's investor page says ordinary shareholders cannot choose to take only cash, according to Business Radar.
Who is paid all in cash (Analysis): 200 Nedbank shares corresponds to about 4,963 accepted NCBA shares. A holder of 1,000 shares whose 660-share pro rata portion is accepted would receive about 26.6 Nedbank shares, under the threshold, so KES 69,300 in cash. A holder whose excess application was partly met gets more accepted shares, and the same test applies to the total.
Not everything tendered is bought (Facts): holders offered 1,316,357,895 shares, 79.90% of NCBA. Of these, 55.88% came within pro rata entitlements and 24.02% as excess applications. Nedbank is buying 1,087,362,891 shares. Business Radar estimates about 42% of excess applications will be met, before the final reconciliation.
If you did not tender
What stays (Facts): other shareholders keep 560,156,641 shares, 34% of NCBA, and NCBA stays listed on the NSE. Like everyone else, they cannot trade from 21 October to 2 November.
If you bank with NCBA
What changes (Facts): nothing for now, the bank says. Products, services, relationship teams, branches, digital channels and day-to-day banking arrangements remain unchanged, and NCBA keeps its brand, Nairobi headquarters and local leadership. It serves more than 60 million customers through 122 branches.
Two price tags
The deal's value (Facts): The Star puts it at about ZAR 13.9bn, about KES 110bn at prevailing rates, with 80% paid in Nedbank shares and 20% in cash. Business Radar values the 66% stake at about KES 114bn using the KES 105 cash rate.
Why they differ (Analysis): one is a rand value converted at the day's rate, the other a shilling price per share times the shares bought. Neither signals a change in the terms.
What to watch
- 21 October: the unconditional notice in the newspapers and the start of the suspension.
- 3 November: the block trade, the first payments and the first NCBA trade after the suspension.
- 4 November: final results, including how much of each excess application was accepted.
Information, not advice.