For NCBA shareholders, the most consequential six weeks in the bank’s history are now underway. Nedbank’s 66% tender offer for NCBA at KSh 105 per share opened on 28 May 2026, closes on 10 July 2026, and results are expected on 21 July 2026. The NCBA Board has formally recommended the offer, removing any ambiguity about where the institution’s leadership stands.
The 10 July deadline is not a formality. It is the moment shareholders must choose between two distinct financial futures exit at a premium today, or stay invested in a bank that will soon operate under the strategic umbrella of one of Southern Africa’s largest lenders.
The offer values NCBA at approximately KSh 110 billion ($855 million), representing one of the largest cross border banking transactions in African history. At KSh 105 per share, the offer is above the KSh 90 market price recorded at the time of the original January 2026 announcement.
The payment structure is a hybrid. Shareholders who accept will receive 80% of their consideration in Nedbank shares listed on the Johannesburg Stock Exchange, and 20% in cash at a rate of KSh 2,100 per 100 shares. Nedbank has also set a ceiling on the cash component: the cash amount will not exceed KSh 31.6 billion, up from the KSh 21.9 billion initially indicated, giving Nedbank more flexibility in receiving acceptances from small investors and institutions constrained from investing in JSE-listed companies.
Retail investors holding fewer than 9,400 NCBA shares whose entitlement would result in fewer than 200 Nedbank shares are eligible for a full cash buyout at the flat rate of KSh 105 per share, removing the complexity of cross border share ownership for smaller portfolios.
The deal’s completion target sits firmly in the calendar. Nedbank expects the buyout of NCBA to be completed by September 2026, by which time both banks are expected to have declared and paid their final dividends for the year ended December 2025. The transaction is expected to close within six to nine months of announcement, with completion targeted no later than Q3 2026.
For shareholders who do not tender their shares, the NSE listing continues. The remaining 34% of NCBA shares will continue to trade publicly on the Nairobi Securities Exchange, with NCBA retaining its brand, local leadership team, and independent governance structures. The 10 July 2026 closing date marks the end of the acceptance window.
