South African banking giant, Nedbank Group has completed the acquisition of 66% controlling stake in Kenya’s NCBA Group Plc.
The transaction which has now become unconditional following acceptance by NCBA shareholders to sell 1,087,362,891 of ordinary shares valued at an estimated Ksh 110 billion.
“NCBA has built a strong East African brand anchored on customer centricity and innovation. With the backing of Nedbank, we are now poised to boldly go after opportunities across the East African region, expand our footprint and bring to market a more sophisticated set of products,” said John Gachora, NCBA Group Managing Director.
With the transaction now completed after receiving necessary regulatory greenlight in both countries, NCBA shares will now be suspend from trading on the Nairobi Securities Exchange (NSE) effective October 21, and resume trading on November 2, 2026 to enable the reconciliation of the Share Register.
“This landmark transaction establishes a significant presence for Nedbank in East Africa and marks a decisive step forward in our African growth strategy. By connecting two strong banking platforms
across Southern and East Africa, we are creating new opportunities for our clients and shareholders, while supporting greater trade, investment and growth across the continent. We are proud to welcome NCBA to the Nedbank Group,” added Jason Quinn, Nedbank Group Limited Chief Executive.
However, NCBA will continue being listed on the NSE, with the remaining 34% of the issued shares being held by the public.
NCBA Shareholders had tendered a total of 1,316,357,895 NCBA Shares, equivalent to 79.9% of the issued shares as at the close of the offer on July 10 this year.
The bank says excess applications were scaled back on a pro-rata basis in accordance with the terms of the Offer Document to bring Nedbank’s eventual shareholding to its targeted stake of approximately 66 per cent.
NCBA with a customer base of 60 million, currently operate in six regional markets including Kenya, Uganda, Tanzania, Rwanda, Ivory Coast and Ghana boasting of 122 branches.
