The 352 million stake held by two of Kenyas richest families has moved to the center of attention as South Africas Nedbank makes a bold play for control of NCBA Group, one of East Africas most established lenders. At issue is a proposed R13.9 billion 856.4 million transaction that would reshape ownership of the Nairobi-based bank and place a spotlight on the long-standing holdings of the Kenyatta and Ndegwa families.
Nedbank targets NCBA majority stake
Nedbank, led by CEO Jason Quinn, has submitted an offer to acquire 66 percent of NCBA Group . If completed, the deal would see NCBA become a subsidiary of the Johannesburg-listed lender, while the remaining 34 percent of its shares would continue to trade on the Nairobi Securities Exchange. The structure of the offer underscores the scale of the bet: 20 percent of the consideration will be paid in cash, with the remaining 80 percent settled through newly issued Nedbank ordinary shares listed on the JSE, priced at R250 15.4 per share.
