Nedbank Acquires 66% Stake in Kenya's NCBA Group
Nedbank Group has acquired a 66% controlling stake in NCBA Group for R13.9 billion to expand its financial services across East Africa.
The Nedbank Group has reached an unconditional agreement to acquire a 66% controlling stake in Kenya's NCBA Group for approximately R13.9 billion (Sh109.6 billion). The transaction, which received approval from the Central Bank of Kenya and other regional regulators, establishes NCBA as a subsidiary of the South African bank while allowing it to maintain its brand, local leadership, and headquarters in Nairobi.
NCBA will remain listed on the Nairobi Securities Exchange, with the public holding the remaining 34% of shares. The acquisition provides Nedbank an entry point to expand trade, investment support, and financial services across Kenya, Tanzania, Uganda, Rwanda, Ghana, and Ivory Coast, where NCBA serves over 60 million customers. The deal triggers a significant payout for the Kenyatta and Ndegwa families, who are exchanging most of their holdings for cash and Nedbank shares while retaining minority stakes.
Shareholder demand for the offer was high, with 79.9% of issued shares tendered before the July 10, 2026, deadline, necessitating a pro-rata scale-back to reach the 66% target. Trading of NCBA shares will be suspended from October 21 to November 2, with the final transfer of shares and payments expected on November 3.
