NCBA Group PLC has received approval from the Central Bank of Kenya (CBK) for Nedbank Group Limited’s proposed acquisition of up to 66 per cent of the issued share capital of the Kenyan banking group.
The approval marks a significant milestone in the proposed transaction, which is expected to be completed towards the end of the third quarter of 2026, subject to the fulfilment of the remaining conditions precedent and regulatory requirements.
NCBA Group Managing Director John Gachora welcomed the CBK approval, “We are grateful to the Central Bank of Kenya for its thorough review and approval of the transaction. We value the Central Bank’s role in ensuring the stability, integrity and continued growth of our financial sector. As NCBA, we remain committed to ensuring that the transition is managed responsibly and in the best interest of our customers, employees, shareholders and the broader financial sector,” said Gachora
Multiple Regulatory Approvals Secured
The CBK approval follows regulatory clearances from several authorities across the region and beyond.
These include the Prudential Authority and Financial Surveillance Department of the South African Reserve Bank, Kenya’s Capital Markets Authority, the National Bank of Rwanda, Bank of Tanzania, the COMESA Competition and Consumer Commission, East African Community Competition Authority, Tanzania’s Fair Competition Commission, and the ECOWAS Regional Competition Authority.
NCBA said the remaining regulatory approvals are progressing according to their respective timelines and sequencing.
The transaction is part of Nedbank’s strategy to acquire a controlling stake in NCBA, expanding its presence in East Africa’s financial services market.
Strong Shareholder Participation
Nedbank’s tender offer for approximately 66 per cent of NCBA’s issued ordinary shares closed on July 10, 2026.
At the close of the offer, valid acceptances had been received for approximately 79.9 per cent of NCBA’s issued ordinary share capital. This represented an oversubscription of 121 per cent against the number of shares sought under the offer.
The strong response was described by NCBA as an indication of broad shareholder support for the transaction and confidence in its strategic rationale.
Completion Expected in Third Quarter
NCBA said completion of the transaction is expected towards the end of Q3 2026, once all outstanding conditions are satisfied and the offer becomes unconditional.
Settlement of the consideration payable to shareholders who accepted the offer will take place within 14 trading days after the offer becomes unconditional, subject to fulfilment of all remaining conditions.
NCBA said it will issue a further announcement once the offer becomes unconditional in all respects.
The proposed acquisition is expected to reshape NCBA’s shareholder structure while strengthening the strategic relationship between the Kenyan financial institution and South Africa-based +1Nedbank Group.