South Africa’s Nedbank Group has acquired a 66 per cent controlling stake in NCBA Group PLC, bringing the Kenyan-headquartered lender under its ownership in a deal expected to strengthen cross-border banking, trade and investment across East and Southern Africa.
The transaction, completed on October 19, 2026, follows regulatory approvals and makes NCBA a subsidiary of Nedbank, although the lender will retain its listing on the Nairobi Securities Exchange (NSE).
The remaining 34 per cent stake will continue to be held by the public, with NCBA maintaining its Nairobi headquarters, local leadership, brand and customer-facing operations.
The acquisition gives Nedbank an entry point into East Africa’s financial services market, with plans to use NCBA’s regional network and digital banking capabilities to pursue further growth opportunities.
NCBA operates in six African markets: Kenya, Uganda, Tanzania, Rwanda, Côte d’Ivoire and Ghana. It serves more than 60 million customers through 122 branches.
Nedbank, which is listed on the Johannesburg Securities Exchange and the Namibia Securities Exchange, has operations across Southern Africa, including Namibia, Zimbabwe, Mozambique, Lesotho and Eswatini. It also operates offshore centres in London, Dubai, the Isle of Man and Jersey.
The deal brings together two African financial services groups with established regional networks and capabilities in banking, asset finance, investment banking and digital financial services.
Kenya’s position as a regional financial hub, supported by its capital markets and technology sector, is expected to provide Nedbank with a strategic base for expanding its presence in East Africa.
The two institutions say the partnership will support businesses seeking financing, cross-border banking services and investment opportunities across the continent.
NCBA customers, staff assured of continuity
NCBA has assured customers and employees that the change in ownership will not disrupt its day-to-day operations.
The bank will retain its brand, local leadership, Nairobi headquarters, branches, digital channels, products and services. Existing customer relationships and banking arrangements will also remain unchanged.
The partnership is expected to create opportunities for NCBA to introduce additional services and strengthen cross-border banking solutions by drawing on Nedbank’s expertise and wider African network.
For employees, the transaction is expected to open up opportunities for skills development, knowledge sharing, innovation and career advancement across the combined financial services network.
NCBA Group managing director and chief executive John Gachora described the acquisition as an endorsement of the bank’s business model, employees and the markets it serves.
“This is a proud moment for NCBA and a powerful endorsement of the strength of our business, our people and the markets we serve,” Gachora said.
He said NCBA had built a strong East African brand around customer service and innovation, adding that Nedbank’s backing would strengthen its ability to expand its regional footprint and introduce more sophisticated financial products.
“The name is the same, the people are the same, but the ambition and capabilities are tremendously magnified,” Gachora said.
Nedbank Group chief executive Jason Quinn said the transaction marked a significant step in the bank’s African growth strategy.
“This landmark transaction establishes a significant presence for Nedbank in East Africa and marks a decisive step forward in our African growth strategy,” Quinn said.
He said linking the two banking platforms would create opportunities for customers and shareholders while supporting trade, investment and economic growth across Africa.
Shareholders tender 79.9 per cent stake
The transaction attracted strong shareholder participation, with NCBA shareholders tendering 1,316,357,895 shares, representing 79.90 per cent of the bank’s issued shares, by the time the offer period closed on July 10, 2026.
The level of participation exceeded Nedbank’s target of acquiring a 66 per cent stake.
Excess applications were therefore scaled back on a pro-rata basis in accordance with the offer document to bring Nedbank’s eventual shareholding to approximately 66 per cent.
The two institutions have also outlined the steps for settling the transaction and transferring the shares.
NCBA shares are scheduled to be suspended from trading on the NSE from about the close of business on October 21 until the close of business on November 2, 2026, to allow for reconciliation of the share register.
The transfer of shares to Nedbank is scheduled to take place through a block trade on the NSE’s Block Trade Board on November 3, 2026. Settlement of Nedbank’s acquisition and dispatch of cash payments to NCBA shareholders are also scheduled to begin that day.
The completion of the deal marks a new phase for NCBA as it seeks to expand its regional reach with the support of a larger African banking group, while Nedbank strengthens its presence in one of the continent’s key financial markets.
