Nedbank completes 66% NCBA takeover and issues Nedbank stock

Published on 10/20/2026 at 13:57 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

NCBA deal covers 66 percent and 1.09 billion shares. Nedbank stock costs EUR 15.30 on October 20, 2026, with settlement due October 21, 2026.

Expansion enters settlement

The offer became unconditional on October 15, 2026, after Nedbank secured regulatory clearance.
Nedbank expects to acquire 1,087,362,891 NCBA shares and consolidate its results in the fourth quarter of 2026.
Nedbank stock was trading at EUR 15.30 at 1:46 p.m. CEST at Lang & Schwarz on October 20, 2026.

Nedbank, ZAE000004875, Illustration mit AI erstellt.

Nedbank stock (ISIN ZAE000004875) was trading at EUR 15.30 at Lang & Schwarz on October 20, 2026, at 1:46 p.m. CEST as the bank moved toward settlement of its 66 percent NCBA takeover. Moneyweb reported on October 19, 2026, that the offer had become unconditional on October 15, 2026.

Deal reaches its final stages

The transaction gives Nedbank control of NCBA and is valued at ZAR 13.90 billion, or USD 800.00 million, according to BusinessDay on October 20, 2026. The consideration comprises 80 percent newly issued Nedbank shares and 20 percent cash.

The offer attracted tenders for 1.316 billion NCBA shares, equal to 79.9 percent of NCBA's issued capital. Nedbank is expected to acquire 1,087,362,891 NCBA shares, representing approximately 66 percent of the company, according to the JSE SENS announcement dated October 19, 2026.

What does the takeover mean?

NCBA will become a Nedbank subsidiary while retaining its Nairobi listing, local leadership and brand. BusinessDay said on October 20, 2026, that NCBA serves more than 60 million customers through operations in Kenya, Uganda, Tanzania, Rwanda and Ivory Coast, giving Nedbank a larger East African platform.

Three steps shaped the transaction

On January 21, 2026, Nedbank announced an offer for approximately 66 percent of NCBA. On July 10, 2026, the offer closed after shareholders tendered 1.316 billion shares, and on October 15, 2026, the offer became unconditional, according to the JSE SENS announcement.

Settlement dates are next

Settlement is scheduled for October 21, 2026. Nedbank expects publication of the final offer results and the final cash and share figures on November 5, 2026, while the transaction is expected to close on or about November 3, 2026, according to the October 19 announcement.

Stock trades during the transaction

The latest investor-relations update said Nedbank's first-half 2026 diluted headline earnings per share increased 2 percent, or 15 percent excluding ETI base effects, while return on equity remained above 15 percent and the CET1 ratio stood at 12.6 percent. The interim dividend was 1,052 cents per share. Nedbank stock was trading at EUR 15.30 at Lang & Schwarz on October 20, 2026, at 1:46 p.m. CEST. The further course of trading is shown by the continuously updated real-time quote of Nedbank stock.