South African financial services group Nedbank has completed the acquisition of a 66% controlling stake in NCBA Group, marking a major shift in the ownership of one of East Africa’s established banking groups.
The transaction, which followed the receipt of the required regulatory approvals, makes NCBA a subsidiary of Nedbank Group Limited. NCBA will, however, retain its listing on the Nairobi Securities Exchange (NSE), with public shareholders holding the remaining 34% stake.
The acquisition gives Nedbank a strategic foothold in East Africa, while positioning NCBA to expand its regional operations and strengthen its financial services through the backing of a larger continental banking group.
NCBA operates in six African markets: Kenya, Uganda, Tanzania, Rwanda, Ivory Coast and Ghana. It serves more than 60 million customers through 122 branches, digital banking platforms and specialised financial services.
Nedbank, headquartered in South Africa and listed on the Johannesburg Stock Exchange and the Namibian Securities Exchange, has operations across Southern Africa, including Namibia, Zimbabwe, Mozambique, Lesotho and Eswatini. Its international presence also includes financial centres in London, Dubai, the Isle of Man and Jersey.
The investment is expected to connect Nedbank’s Southern African operations with NCBA’s established East African network, creating opportunities for cross-border banking, trade and investment.
Kenya’s position as a regional financial hub, supported by developed capital markets, established financial institutions and a growing technology sector, provides Nedbank with a base from which to pursue opportunities in East Africa.
For businesses operating across the two regions, the combined banking networks could facilitate cross-border transactions, improve access to financing and support companies seeking to expand into new markets. The actual benefits will depend on how the banks develop and roll out services in individual countries.
NCBA said the transaction would not disrupt its day-to-day operations. The bank will retain its brand, Nairobi headquarters, local leadership and customer-facing operating model.
Existing products and services, branches, digital banking channels, relationship management teams and routine banking arrangements will remain unchanged following the acquisition.
Over time, customers could benefit from broader financial solutions, additional expertise and improved cross-border services. Employees are also expected to gain opportunities for professional development, knowledge sharing and career progression across a larger financial services network.
NCBA shareholders showed strong interest in the offer. Following the closure of the offer period on July 10, 2026, shareholders tendered 1,316,357,895 shares, representing 79.90% of the bank’s issued shares.
The applications exceeded Nedbank’s target of acquiring a 66% stake, prompting a proportional scale-back of excess applications in line with the offer document.
NCBA Group Managing Director and Chief Executive Officer John Gachora said the transaction demonstrated confidence in the bank’s business, workforce and markets.
“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 Nedbank’s backing would strengthen NCBA’s ability to pursue regional opportunities and introduce more sophisticated financial products.
“The name is the same, the people are the same, but the ambition and capabilities are tremendously magnified,” he said.
Nedbank Group Chief Executive Jason Quinn said the investment advanced the lender’s broader 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.
Under the announced timetable, NCBA shares are scheduled to be suspended from trading from around the close of business on October 21, 2026, until the close of business on November 2, 2026, to allow reconciliation of the share register.
The transfer of shares to Nedbank through a block trade on the NSE is scheduled for November 3, 2026, with settlement of Nedbank shares and dispatch of cash payments to NCBA shareholders also expected to begin that day.
The acquisition ushers in a new phase for NCBA, combining its East African presence with Nedbank’s Southern African operations and international reach.
