Nedbank of South Africa has expressed its intention to acquire a 66 per cent controlling stake of NCBA.
The deal will cost the Johannesburg Securities Exchange listed lender an estimated Ksh110.4B (13.9B Rands)
In a statement to newsrooms, NCBA says it has received an offer and will be looking at it.
If successful, NCBA’s remaining 34 per cent shareholding will still trade at the Nairobi Securities Exchange, the lender says.
“The proposed transaction structure will see NCBA shareholders who participate in the TenderOffer receive 20 per cent of their consideration in cash, while the remaining 80 per cent
will be settled through the issuance of Nedbank ordinary shares listed on the
Johannesburg Stock Exchange (JSE),” the statement says.