South Africa’s Nedbank Group has completed its acquisition of a 66 percent stake in NCBA Group, bringing the Kenyan lender under its control and expanding its presence into East Africa.
The transaction, announced on October 19, 2026, follows regulatory approvals and makes NCBA a subsidiary of Nedbank. NCBA will retain its listing on the Nairobi Securities Exchange (NSE), with public shareholders holding the remaining 34 percent.
The deal brings together two banking groups with operations across several African markets, creating scope to expand financial services for businesses involved in regional trade and investment.
NCBA has 122 branches across Kenya, Uganda, Tanzania, Rwanda and Ivory Coast, and says it serves more than 60 million customers. Its services include digital banking, corporate finance and asset financing.
Nedbank said the acquisition supports its strategy to expand beyond Southern Africa, with Kenya serving as an entry point into East African financial markets. The South African group also has operations in several southern African countries and provides international banking services through offshore centres.
“This landmark transaction establishes a significant presence for Nedbank in East Africa and marks a decisive step forward in our African growth strategy,” Nedbank Group Chief Executive Jason Quinn said.
NCBA Group Managing Director and Chief Executive John Gachora said the partnership would expand the lender’s capacity to pursue opportunities across the region and offer more specialised financial products.
“The name is the same, the people are the same, but the ambition and capabilities are tremendously magnified,” Gachora said.
Shareholders tendered nearly 80% of NCBA shares
The offer attracted acceptances representing 79.90 percent of NCBA’s issued shares by the July 10, 2026 closing date, exceeding Nedbank’s intended 66 percent holding. The excess applications were scaled back proportionately to bring the final stake to the targeted level.
Under the transaction terms, eligible shareholders who accepted the offer are to receive consideration comprising 20 percent cash and 80 percent newly issued Nedbank shares, according to the offer announcement.
NCBA shares were scheduled to be suspended from trading on the NSE from the close of business on October 21 until the close of business on November 2 to allow reconciliation of the share register. The transfer of shares, resumption of trading and settlement of payments were scheduled to begin on November 3.
NCBA has said it will retain its name, Nairobi headquarters, local leadership and customer-facing operating model. Its existing branches, digital channels and day-to-day banking arrangements are expected to continue under the new ownership.
The companies have also pointed to potential benefits for employees through skills development, knowledge sharing and career opportunities across the expanded banking group.
For businesses operating across East Africa, the partnership could widen access to cross-border banking, asset finance and investment services. The extent of those benefits will depend on how the two groups use their combined networks and financial capabilities to serve customers in different markets.
