What Nedbank paid for in NCBA
Nedbank now owns 66% of Kenya's NCBA. What did it buy, where does that bank make its money, and how does the price compare with NCBA's peers and with East African bank deals since 2019?
10 November 2026 · Financial services · Read the article on dotzedw.com
Nedbank's offer for two-thirds of NCBA has been argued over since January. We rebuilt it from the published record: the offer's own terms, NCBA's results against Kenya's other listed banks, where NCBA's profit is made, and a decade of bank takeovers in the region.
This page holds the offer worked through on book value and on earnings, the peer comparison, the deal table and NCBA's profit by subsidiary, with the source of every figure.
What members get
- The offer worked through: price per share, price to book at four dates, price to earnings, and Nedbank's own valuation of the shares it issued
- NCBA against Kenya's ten listed banks on returns, margins, lending, bad loans and valuation
- Bank takeovers involving Kenyan banks since 2019, with the price paid against book value
- Where NCBA's profit was made, by subsidiary, and downloads of the tables
This study is part of the Individual plan
Subscribe on dotzedw.com and you come straight back to this page with Individual access. Already a member? Sign in with your dotzedw.com account.
How we did it
Offer terms, NCBA's equity and the shares sought are from Nedbank's announcement of 21 January 2026; the price per share, totals and multiples are our arithmetic from them, at the deal's fixed rate of 7.7143 shillings to the rand.
NCBA's results are from its own releases and Cytonn's earnings notes; peer ratios from Cytonn's FY 2025 report on Kenya's listed banks, which computes them the same way for all ten banks.
Deal multiples as compiled by Cytonn (H1 2026 report): completed or agreed takeovers since 2019, leaving out minority stakes and dropped deals.
Ecobank's book value is its equity attributable to ordinary shareholders at 30 June 2025, from its published accounts; Nedbank's from its 2025 results.
What this cannot tell you
- Final settlement figures (cash paid, shares issued) were still being confirmed when this was written.
- The revenue-sharing terms between NCBA and Safaricom on M-Shwari and Fuliza are not published.
- Book value is one measure of price; a bank with higher returns can justify a higher multiple.
- The deal table covers deals involving Kenyan banks; private deal prices are often undisclosed.