NCBA group has announced changes to its board and corporate governance leadership following Nedbank group’s acquisition of a 66% controlling stake in the Kenyan financial services group, marking an early step in strengthening ties between the two banking institutions.
Source: Supplied.
The appointments, which came into effect on Tuesday, 3 November 2026, include two Nedbank executives, Michael Howard Davis and Anél Bosman, as non-executive directors of NCBA. The group has also appointed Esther Wanjiku Kung’u as its new group company secretary.
The appointments follow the transfer of 1.087 billion NCBA shares to Nedbank through a block trade on the Nairobi Securities Exchange (NSE), making the South African bank the controlling shareholder in the East African lender.
Nedbank executives join board
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.
He brings more than 28 years of experience in financial management, banking, treasury, risk, capital and balance-sheet management, as well as regulatory and corporate governance oversight. His previous experience includes positions at Brait Bank and Deloitte.
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 progressing to head of risk at Nedbank Capital. She subsequently held the positions of chief financial officer and head of strategy for Nedbank Capital, before becoming chief operating officer of the cluster in 2011. Between 2015 and 2020, she led Nedbank's Markets business.
Her experience spans corporate and investment banking, financial markets, risk management, finance, strategy and executive leadership.
Governance leadership
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 (CPS-K), and holds an Executive Master of Business Administration from Moi University.
The board congratulated the three appointees, expressing confidence in their contribution to NCBA's continued growth and corporate governance.
Nedbank completed its acquisition of the 66% stake on Monday, 19 October 2026, while the share transfer took place on Tuesday, 3 November 2026. NCBA will retain its Nairobi headquarters, brand and local leadership, while continuing to be listed on the NSE, with the remaining 34% of shares held by public investors.
