Nairobi, June 3 -- The families of founding president Jomo Kenyatta and former Central Bank of Kenya governor Philip Ndegwa have committed to sell at least 66 percent of NCBA shares to Nedbank Group, putting them on course for a cash payout of Sh1.32 billion.

They will also get 10.14 million stocks in the South African lender in exchange for their NCBA shares worth Sh20.6 billion, pushing the families' take in the deal to Sh21.9 billion.

Nedbank will buy 66 percent of NCBA Group in a cash-and-stock offer in a deal worth Sh109.6 billion.

The Kenyattas and the Ndegwas have indicated they will offer their full share to the South Africa bank in fresh disclosures that for the first time list the NCBA shareholders who have signed irrevocable...