NCBA Group PLC has put two Nedbank executives on its board, one day after Nedbank’s purchase of 66% of the bank closed.
Michael Howard Davis and Anél Bosman became Non Executive Directors on November 3, 2026. The board also named Esther Wanjiku Kung’u as Group Company Secretary.
Board changes follow the ownership change
The appointments take effect on the date the share transfer went through the Nairobi Securities Exchange. Nedbank’s plan provides for it to nominate at least two directors to the NCBA board, and these are the first two names. The same plan lets NCBA shareholders appoint one representative to Nedbank’s board.
NCBA keeps its brand, management and board structure under the terms of the deal. The notice was signed on November 3 by Group Managing Director John Gachora, by order of the board. It was issued with the approval of the Capital Markets Authority.
Michael Howard Davis
Davis is Chief Financial Officer and an Executive Director of Nedbank Group Limited. He has held the CFO role since October 1, 2020. Before that, he served as Group Executive for Balance Sheet Management and has sat on the Group Executive Committee since January 1, 2015.
He has worked in financial services for more than 28 years, in finance, asset and liability management, treasury, risk and capital management, and regulation. Daviescompleted his articles at Deloitte, where he specialised in banking, treasury and risk management. He joined Nedbank when it acquired BoE Bank Limited, his employer at that time.
Davis is a Chartered Accountant (SA). He holds a Bachelor of Commerce (Honours) and a Postgraduate Diploma in Accountancy from the University of KwaZulu Natal, and he completed an Advanced Management Programme at INSEAD in Fontainebleau, France. CFO South Africa named him CFO of the Year in November 2024.
He sits on Nedbank’s Group Credit Committee and Group Model Risk Oversight Committee and is a Non Executive Director of Nedbank Private Wealth Limited on the Isle of Man. Nedbank’s profile lists him as a South African national holding 337,164 Nedbank Group ordinary shares.
Anél Bosman
Bosman is Chief Executive of Nedbank Corporate and Investment Banking. She has served the Nedbank Group for 24 years and began as a trader. Bosman became Head of Risk for Nedbank Capital, a post she held from 2005 to 2010. She went on to serve as Chief Financial Officer and Head of Strategy for Nedbank Capital, and became Chief Operating Officer of the cluster in 2011.
In 2015 she became Managing Executive of Nedbank Corporate and Investment Banking Markets. That role covered all trading activity and wholesale funding at Nedbank, and she led the Markets business until 2020. She later became Group Managing Executive of Nedbank Corporate and Investment Banking and joined the Group Executive Committee on April 1, 2020.
Bosman holds a Bachelor of Commerce in Econometrics, cum laude, from the University of Johannesburg and a Master of Philosophy in Economics from the University of Cambridge. She has also completed an Advanced Management Programme at Harvard University.
Her background in markets, funding and risk bears on Nedbank’s plan to bring its corporate and investment banking capabilities to NCBA.
Esther Wanjiku Kung’u
Kung’u becomes Group Company Secretary, an internal appointment. She has more than 25 years of experience in financial services. She joined AIG Kenya Insurance Company Limited in 2008 as Deputy Claims Manager. AIG Kenya later became NCBA Insurance Company Limited, which is how the notice dates her entry to the NCBA Group to 2008. She moved up through leadership roles, including Head of Legal and Governance for AIG Kenya and AIG Uganda Limited.
In July 2024, she became Head of Legal and Company Secretary of NCBA Insurance Company Limited.
Kung’u is an Advocate of the High Court of Kenya, a Certified Public Secretary and a Certified Governance Auditor. She is a member of the Law Society of Kenya and the Institute of Certified Public Secretaries of Kenya. Her qualifications are an Executive MBA from Moi University, a Bachelor of Laws from the University of Nairobi and a Diploma in Legal Practice from the Kenya School of Law.
What to watch
Nedbank now has board representation at NCBA matching its 66% stake. Minority shareholders, who hold 34% and remain listed on the NSE, will look for the second part of the arrangement, which is NCBA’s representative on Nedbank’s board.
