Nedbank finalises takeover of 66% of Kenya’s NCBA
By the AFREEQUE newsroom, based on Businessday
South African bank Nedbank has conditionally completed its takeover of about 66% of Kenyan bank NCBA for 13.9 billion rand. The share transfer is expected around 3 November, after approval from the Central Bank of Kenya, according to BusinessDay.
South African bank Nedbank said on Monday that its takeover of about 66% of NCBA, a Kenyan banking group, had become unconditional on 15 October. The transaction, valued at 13.9 billion rand, paves the way for Nedbank’s entry into East Africa, BusinessDay reported.
Nedbank had already received approval from the Central Bank of Kenya, about seven weeks before this step, and secured commitments from shareholders representing 77.54% of NCBA’s capital. The deal is expected to be completed around 3 November, when the NCBA shares are due to be transferred.
Summary produced with the help of artificial intelligence tools, under AFREEQUE’s editorial responsibility.
