Nedbank will pay Sh23.23 billion in the cash option, and hand the NCBA sellers 43.63 million shares for the equity option.
By
Charles Mwaniki
Business Reporter
Nation Media Group
NCBA Group shareholders who have sold a 66 percent stake to Nedbank have booked a capital gain of Sh21.4 billion on the 43.63 million discounted shares of the South African bank.
The stock option was done at a conversion rate of 4.02994 shares for every 100 NCBA shares.
NCBA will help Nedbank diversify its business, which currently comprises operations in six southern African markets.
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NCBA has physical operations in Kenya, Uganda, Tanzania and Rwanda and digital presence in Ivory Coast and Ghana.
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