NAIROBI, Kenya – South Africa’s Nedbank Group has secured two seats on the board of NCBA Group PLC following its acquisition of a 66 per cent controlling stake in the Kenyan financial services group.
NCBA announced the appointment of Nedbank executives Michael Howard Davis and Anél Bosman as Non-Executive Directors, effective November 3, 2026, marking a significant step in the governance changes following the takeover.
The appointments come on the same day Nedbank completed the transfer of approximately 1.087 billion NCBA shares through a block trade on the Nairobi Securities Exchange (NSE), formally establishing its controlling shareholding.
Davis is Nedbank Group’s Chief Financial Officer and an Executive Director, while Bosman serves as Chief Executive of Nedbank Corporate and Investment Banking.
Their entry into NCBA’s board gives the South African lender direct representation at the leadership level of its newly acquired East African banking subsidiary.
NCBA also announced the appointment of Esther Wanjiku Kung’u as Group Company Secretary, in a separate management and governance change.
Who Are the Two Nedbank Executives Joining NCBA’s Board?
Davis brings more than 28 years of experience in financial services, with expertise in financial management, banking, treasury, risk, capital and balance-sheet management.
Before joining Nedbank’s senior leadership, he worked at BoE Bank Limited, which was later acquired by Nedbank, and Deloitte, where he specialised in banking, treasury and risk management.
He is a Chartered Accountant (South Africa) and holds a Bachelor of Commerce Honours degree and a Postgraduate Diploma in Accountancy from the University of KwaZulu-Natal. He also completed an Advanced Management Programme at INSEAD in France.
In November 2024, he was named CFO of the Year by CFO South Africa.
Bosman, meanwhile, has spent approximately 24 years at Nedbank, rising through several leadership positions after beginning her career as a trader.
She previously served as Head of Risk at Nedbank Capital before taking on roles as Chief Financial Officer and Head of Strategy for the business. She became its Chief Operating Officer in 2011 and led the Markets business between 2015 and 2020.
She currently heads Nedbank Corporate and Investment Banking, bringing experience in corporate banking, investment banking, markets, risk, finance and strategic leadership.
Bosman holds a Bachelor of Commerce degree in Econometrics from the University of Johannesburg and a Master of Philosophy in Economics from the University of Cambridge. She has also undertaken an Advanced Management Programme at Harvard University.
NCBA Appoints Esther Wanjiku Kung’u as Group Company Secretary
Separately, the NCBA board appointed Kung’u as Group Company Secretary, recognising her long service within the organisation.
She joined the group in 2008 through NCBA Insurance Company Limited and has progressively taken up different responsibilities before rising to the new position.
Kung’u is an Advocate of the High Court of Kenya and a Certified Public Secretary (CPS-K). She also holds an Executive Master of Business Administration from Moi University.
Her appointment places an experienced internal executive in a key corporate governance position as NCBA begins a new chapter under Nedbank’s control.
Group Managing Director John Gachora announced the appointments on behalf of the board, congratulating the three executives and expressing confidence in their contribution to the group’s continued growth and governance.
Nedbank Completes Sh110 Billion NCBA Takeover
The board changes follow Nedbank’s successful acquisition of a 66 per cent controlling stake in NCBA, a transaction that makes the Kenyan lender a subsidiary of the South African banking group.
On November 3, approximately 1.087 billion NCBA shares were transferred to Nedbank through the NSE’s block trade platform.
The transaction followed an offer that attracted shareholder acceptances representing 79.90 per cent of NCBA’s issued shares. Excess applications were scaled back to ensure Nedbank acquired its targeted 66 per cent holding.
NCBA will, however, retain its listing on the Nairobi Securities Exchange, with the remaining 34 per cent of its shares held by public investors.
The acquisition was structured through a combination of cash and shares, with 20 per cent of the consideration payable in cash and 80 per cent through newly issued Nedbank shares.
The takeover gives Nedbank a stronger foothold in East Africa, with NCBA providing an established regional banking network across Kenya, Uganda, Tanzania, Rwanda, Ivory Coast and Ghana.
The South African group has said the investment will strengthen its African growth strategy, while NCBA has indicated that it will retain its brand, Nairobi headquarters and local leadership.
