JOHANNESBURG, South Africa – South Africa’s Nedbank has finalised the settlement of its acquisition of a 66% stake in Kenya’s NCBA Group. The transaction, initially valued at R13.9 billion, strengthens Nedbank’s presence in East Africa and brings two major African banking institutions together.
Nedbank confirmed the final transaction details in a Johannesburg Stock Exchange announcement on 5 November. The group issued approximately 43.6 million new shares and paid R2.93 billion in cash to participating NCBA shareholders.
The settlement followed the transfer of about 1.087 billion NCBA shares on the Nairobi Securities Exchange on 3 November. The transaction gives Nedbank a controlling interest, while other shareholders retain the remaining 34%.
The acquisition marks one of Nedbank’s most significant expansions outside South Africa. It provides access to NCBA’s established banking network and growing digital financial services business.
NCBA operates in Kenya, Uganda, Tanzania and Rwanda, with additional operations in Côte d’Ivoire and Ghana. Its network serves more than 60 million customers across traditional and digital banking channels.
Nedbank first announced the proposed acquisition in January 2026. Both institutions confirmed that the deal had become unconditional in October after receiving the necessary regulatory approvals.
Shareholder interest exceeded the planned acquisition. Investors initially offered nearly 80% of NCBA’s issued shares, requiring Nedbank to reduce accepted allocations to its targeted 66% stake.
Despite the ownership change, NCBA will retain its name, local leadership and Nairobi headquarters. The bank will also remain listed on the Nairobi Securities Exchange, allowing investors to continue trading its shares.
Nedbank Group Chief Executive Jason Quinn described the acquisition as a major step in the bank’s African growth strategy.
He said combining the two banking platforms would create opportunities for customers and shareholders while supporting trade and investment across the continent.
NCBA Group Chief Executive John Gachora welcomed the partnership, saying the backing of a larger banking group would support innovation and expansion into new markets.
The acquisition comes as African financial institutions seek opportunities beyond their domestic markets. East Africa’s expanding digital economy and regional trade networks have attracted growing interest from banks and investors.
Kenya provides Nedbank with a strategic entry point into the region. NCBA’s established operations could also support businesses trading between Southern and East Africa.
However, the success of the investment will depend on how effectively the banks combine their capabilities while maintaining customer confidence and regulatory compliance.
The deal highlights the growing role of African-owned financial institutions in financing regional economic development. It could also support stronger banking services for companies operating across several African markets.
Nedbank’s immediate priority will be to build on NCBA’s existing network and identify opportunities for cross-border growth. The acquisition gives the South African lender a larger platform to compete in East Africa’s financial services industry.
