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, enabling 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 remaining shareholders retain 34 percent.
- Welcoming the transaction, CBK stated it will support the stability and resilience of the Kenyan banking sector, with the acquisition taking effect upon completion.
- This move represents a strategic push by major South African financial institutions into African markets as lenders seek scale and geographic diversification across the continent.
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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…
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