By Amara Osei

NCBA appointed two Nedbank executives and a new group company secretary on 3 November 2026, after the bank’s 66% control took effect. Nedbank completed its acquisition on 19 October 2026, before 1.087 billion NCBA shares moved through a block trade on the Nairobi Securities Exchange on 3 November. The block trade, an exchange transaction involving a large holding of shares, made Nedbank NCBA’s controlling shareholder.

Michael Howard Davis and Anél Bosman became non-executive directors, with both appointments effective on 3 November 2026. Non-executive directors sit on the board without managing operations daily. Esther Wanjiku Kung’u also became group company secretary, the officer responsible for corporate-governance administration.

What expertise do Nedbank’s appointees bring?

Davis is Nedbank group’s chief financial officer and an executive director. He also serves as a non-executive director of Nedbank Private Wealth in the Isle of Man. His appointment places a senior Nedbank finance executive on NCBA’s board after the 66% ownership change.

Davis brings more than 28 years of experience spanning financial management, banking, treasury, risk, capital and balance-sheet management. His background also covers regulatory and corporate-governance oversight. Earlier positions include Brait Bank and Deloitte, extending his experience beyond his current Nedbank responsibilities.

Bosman is chief executive of Nedbank Corporate and Investment Banking and has been with the Nedbank group for approximately 24 years. She began her career as a trader before becoming head of risk at Nedbank Capital. She subsequently held the positions of chief financial officer and head of strategy for Nedbank Capital.

Bosman became chief operating officer of that cluster in 2011 and led Nedbank’s Markets business from 2015 to 2020. Her experience covers corporate and investment banking, financial markets, risk management, finance, strategy and executive leadership. Her NCBA directorship places that operational and risk expertise within the East African lender’s governance structure.

What does Esther Kung’u add to the board?

Kung’u joined the NCBA group through NCBA Insurance Company in 2008 and has progressed through the organisation to her new position. She is an advocate of the High Court of Kenya and a Certified Public Secretary. Kung’u also holds an Executive Master of Business Administration from Moi University.

Her promotion on 3 November 2026 adds an internal governance specialist to a board reshaped by Nedbank’s controlling stake. The board congratulated the three appointees and expressed confidence in their contribution to NCBA’s continued growth and corporate governance. The combination pairs long-standing NCBA institutional knowledge with representation from the incoming controlling shareholder.

What changes for NCBA after the control transfer?

The 66% ownership settlement proceeded through completion on 19 October 2026 and a 1.087 billion-share transfer on 3 November. Public investors retain the remaining 34% of NCBA shares. The resulting structure combines majority control with a substantial public minority holding.

NCBA will retain its Nairobi headquarters, brand and local leadership under Nedbank’s 66% ownership. The lender will also remain listed on the Nairobi Securities Exchange. Its operating identity and public-market status therefore remain intact despite the decisive shift in shareholder control.

The appointments concentrate the immediate change in governance. Michael Howard Davis and Anél Bosman provide direct oversight links to Nedbank, while Esther Wanjiku Kung’u takes up the company-secretary position within NCBA’s existing structure. The strategic division is explicit: local management and branding stay in place, while majority ownership shifts to the South African bank.