South African lender Nedbank Group has finalized its purchase of a 66% controlling interest in NCBA Group, according to KT Press. The deal, which renders the East African bank a subsidiary of the South African firm, closed on October 19 after regulators approved the transaction. Public investors retain the remaining 34% of NCBA shares, which continue to trade on the Nairobi Securities Exchange.
KT Press reported that the transaction was valued at approximately 13.9 billion South African rand, or roughly $850 million, when first announced in January 2026. Shareholders accepted the offer by tendering 79.9% of issued shares, a figure that exceeded the target allocation. To adjust for this oversubscription, allocations were modified to cap Nedbank’s holding at approximately 66%. Participating shareholders received their compensation split between cash and new Nedbank equity. Trading for NCBA shares pauses from October 21 until November 2, with final settlement scheduled for November 3.
The acquisition grants Nedbank access to NCBA’s established infrastructure in Kenya, Uganda, Tanzania, Rwanda, Ivory Coast and Ghana. This network serves over 60 million customers through 122 branches. KT Press noted that NCBA will maintain its existing brand, local leadership team and Nairobi headquarters. Daily banking operations, digital channels and product offerings are expected to remain unchanged for customers.
Earlier this year, senior executives from both institutions visited Kigali to engage with Rwandan authorities. Nedbank Chief Executive Jason Quinn led a delegation that met with the governor of the National Bank of Rwanda on April 1. The group also spoke with Finance Minister Yusuf Murangwa regarding investment opportunities and financial innovation. These discussions occurred while the acquisition process was underway.
NCBA Chief Executive John Gachora indicated that the alliance would enable the group to explore new opportunities in East Africa and broaden its financial product lineup. Jason Quinn described the deal as a significant step for the South African lender, supporting its strategy to link financial markets across the continent. The combined entity aims to leverage NCBA’s regional presence and Nedbank’s Southern African network to facilitate trade and investment.