Nairobi, Aug. 31 -- The Central Bank of Kenya (CBK) has approved the 66 percent acquisition of NCBA Group by South Africa's Nedbank Group, paving the way for the conclusion of the Sh110 billion transaction.

Investors in the Nairobi Securities Exchange-listed NCBA are set to pocket Sh23.2 billion in cash and take 46.63 million shares in Nedbank on conclusion of the deal.

Nedbank has pledged to pay shareholders who accepted its offer within 14 trading days of the transaction receiving all regulatory approvals and satisfying all conditions.

"The CBK announces the acquisition of up to 66 percent of the shareholding of NCBA Group Plc (NCBA) by Nedbank Group Limited (Nedbank). This follows the approval by CBK on August 28, under Section 13 (...