South Africa’s Nedbank Group Limited has completed the acquisition of a 66 per cent controlling stake in NCBA Group PLC, paving the way for expanded financial services, cross-border trade and investment across East Africa.
The transaction, announced on October 19, 2026, follows the receipt of required regulatory approvals and makes NCBA a subsidiary of Nedbank. However, NCBA will retain its brand, Nairobi headquarters, local leadership and day-to-day operations, with its remaining 34 per cent shareholding held by the public.
The deal marks a significant step in Nedbank’s African expansion strategy, giving the South African lender an established presence in East Africa through NCBA’s regional network, digital banking capabilities and expertise in asset finance and investment banking.
NCBA operates in six African markets: Kenya, Uganda, Tanzania, Rwanda, Ivory Coast and Ghana. The group serves more than 60 million customers through 122 branches, providing Nedbank with a platform to pursue opportunities in the region.
Nedbank, which is headquartered in South Africa and listed on the Johannesburg and Namibia stock exchanges, has operations across Southern Africa, including Namibia, Zimbabwe, Mozambique, Lesotho and Eswatini. It also maintains offshore centres in London, Dubai, the Isle of Man and Jersey.
The investment is expected to strengthen connections between East and Southern African markets, creating opportunities for businesses seeking financing, cross-border banking services and investment partnerships.
NCBA Group Managing Director and Chief Executive Officer John Gachora said the transaction reflected confidence in the bank’s business, employees and markets.
He noted that the partnership would enable NCBA to pursue regional opportunities, expand its footprint and introduce more sophisticated financial products while maintaining its established identity.
“The name is the same, the people are the same, but the ambition and capabilities are tremendously magnified,” Gachora said.
Nedbank Group Chief Executive Jason Quinn said the acquisition established a significant presence for the lender in East Africa and advanced its broader African growth strategy.
He said connecting the two banking platforms would create opportunities for customers and shareholders while supporting trade, investment and economic growth across the continent.
Customers and employees to retain existing arrangements
NCBA said customers would continue accessing existing products, services, branches, digital channels and relationship teams without disruption. The bank will also retain its customer-facing operating model.
The partnership is expected to introduce additional capabilities, stronger cross-border solutions and wider sector expertise through Nedbank’s established network.
Employees are also expected to benefit from opportunities in skills development, knowledge sharing, innovation and career progression across the expanded financial services group.
Shareholders await settlement of transaction
The acquisition attracted significant shareholder participation during the offer period, which closed on July 10, 2026.
NCBA shareholders tendered 1,316,357,895 shares, representing 79.90 per cent of the bank’s issued shares. Nedbank subsequently scaled back excess applications on a pro-rata basis to achieve its targeted 66 per cent controlling stake.
NCBA shares are scheduled to be suspended from trading from around the close of business on October 21 until the close of business on November 2, 2026, to facilitate reconciliation of the share register.
The transfer of shares to Nedbank through a block trade on the Nairobi Securities Exchange is scheduled for November 3, alongside the settlement of Nedbank shares and dispatch of cash payments to participating NCBA shareholders.
The completion positions the two institutions to pursue growth opportunities across African markets while maintaining NCBA’s established local operations.