Nedbank Completes NCBA Acquisition

The South African lender has cleared regulatory hurdles to acquire a 66% stake in the Kenyan bank, which will retain its Nairobi listing and management.

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Nedbank's acquisition of NCBA Group is now unconditional following the clearance of final regulatory approvals.
The deal allows the South African bank to control operations across East Africa and potentially expand into Ethiopia and the Democratic Republic of Congo.

Nedbank has secured final regulatory approval for its purchase of NCBA Group, one of the largest banking entities in East Africa. According to TechCabal, the South African lender’s bid for a 66% stake in the Kenyan company is now unconditional. The settlement process begins this week, and the actual movement of shares to Nedbank is anticipated to start in early November. Despite becoming a subsidiary, NCBA will maintain its existing name, management team, and listing on the Nairobi Securities Exchange, as stated in recent filings.

The transaction concludes a timeline that started in January when the deal was first announced. In February, Kenya’s capital markets regulator permitted the partial acquisition without a full tender offer. By July, shareholders had tendered 79.9% of the available shares, exceeding the target amount. Consequently, the offers were scaled back to the intended 66%. TechCabal notes that selling shareholders will receive 80% of the consideration in newly created Nedbank equity and the remaining 20% in cash. This structure leaves 34% of NCBA in public hands. The total value of the offer was R13.9 billion, or $855.5 million.

TechCabal explains that the acquisition provides Nedbank with immediate access to banking infrastructure in Kenya, Uganda, Tanzania, and Rwanda. The bank also gains digital operations in Ghana and Côte d’Ivoire. In 2025, digital activities contributed 32% of NCBA’s group profit, and the institution issued KES 1.4 trillion, or $10.8 billion, in digital loans. This existing network allows Nedbank to utilize established customer bases and licenses across the region, avoiding the need to construct these assets from scratch in each country.

The move also signals a strategic shift for Nedbank in Africa. Last year, the bank sold its 21% holding in Ecobank, moving away from minority positions toward full operational control. TechCabal reports that Nedbank has previously discussed leveraging NCBA to enter Ethiopia and the Democratic Republic of Congo. With the acquisition finalized, the bank now possesses the platform to pursue these new markets. The immediate next step is the formal transfer of shares, which is expected to commence in early November.

Nedbank finalizes NCBA Group purchase, securing control of East African banking assets

The story, at a glance

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