Nedbank Gets CBK Approval to Acquire 66pc Stake in NCBA
The deal gives Nedbank a controlling stake and expands its East African footprint, while CBK says the move should strengthen banking sector resilience.
- On Monday, CBK approved Nedbank Group Limited to acquire up to 66 percent of NCBA Group Plc, marking a major ownership change within one of East Africa's largest banking groups.
- Formed in 2019 through the merger of NIC Group and CBA, the Nairobi-based NCBA operates across East Africa, providing Nedbank a strategic platform for regional expansion.
- Under the deal, Nedbank will hold 1,087,362,891 shares, equivalent to 66 percent of NCBA's issued share capital, while the remaining 34 percent continues to be held by other shareholders.
- Welcoming the transaction, CBK stated it will support the stability and resilience of the Kenyan banking sector, with the acquisition taking effect upon completion of the deal.
- This move represents a strategic push by major South African financial institutions into African markets as lenders seek scale and geographic diversification, with Nedbank already operating across Southern African markets.
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Kenya: Nedbank Gets CBK Nod to Acquire 66pc Stake in NCBA
Nairobi -- South African lender Nedbank Group Limited has secured regulatory approval to acquire up to 66 percent of the issued share capital of NCBA Group Plc, paving the way for a major change in the ownership structure of one of East Africa's largest banking groups.
Nedbank's East Africa expansion plan gains crucial green light
Nedbank Group has moved a step closer to completing its planned acquisition of a majority stake in East African banking giant NCBA Group PLC after securing approval from the Central Bank of Kenya. This marks a key regulatory milestone in a transaction valued at approximately R13.9-billion. The South African financial services group announced in January 2026 its intention to acquire about 66% of NCBA, one of East Africa’s leading financial servic…
Nedbank Secures Approval to Acquire Controlling Stake in NCBA Group
South African lender Nedbank Group Limited has secured regulatory approval to acquire up to 66 per cent of NCBA Group Plc, setting the stage for a significant change in the ownership of one of East Africa’s largest banking groups. The Central Bank of Kenya (CBK) announced on August 31 that it had approved the proposed acquisition on August 28, 2026, under Section 13(4) of the Banking Act. The acquisition will take effect upon completion of the t…
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