Nedbank Group Limited has completed its acquisition of a 66% controlling interest in NCBA Group PLC, bringing the East African banking group under South African ownership while preserving its Nairobi headquarters and stock market listing.
The transaction, completed after the necessary regulatory approvals, was announced on October 19, 2026. NCBA will become a subsidiary of Nedbank, while the remaining 34% of its shares will continue to be held by the public.
The deal expands Nedbank’s presence beyond Southern Africa and creates a banking platform spanning multiple markets in the eastern and southern parts of the continent.
NCBA operates in six African markets: Kenya, Uganda, Tanzania, Rwanda, Ivory Coast and Ghana. It serves more than 60 million customers through 122 branches and has built capabilities in digital banking, asset finance and investment banking.
Nedbank, which is listed on the Johannesburg and Namibia stock exchanges, operates in Southern African countries including Namibia, Zimbabwe, Mozambique, Lesotho and Eswatini. It also has offshore centres in London, Dubai, the Isle of Man and Jersey.
The investment gives Nedbank access to East Africa’s financial markets, with Kenya serving as its regional entry point. The South African lender cited Kenya’s established financial institutions, capital markets and technology industry as factors supporting the expansion.
Jason Quinn, Nedbank Group chief executive, said the transaction would connect two established African financial services businesses and create opportunities for customers and shareholders.
He said the partnership was intended to support trade, investment and economic growth across the continent.
NCBA Group Managing Director and Chief Executive John Gachora said the investment would strengthen the bank’s ability to expand its regional presence and offer more sophisticated products.
The transaction also raises the prospect of stronger cross-border banking services for businesses operating in East Africa and Southern Africa. Companies trading across these markets could benefit from broader banking relationships, asset financing and investment banking expertise, although the actual gains will depend on how the partnership develops its services.
For customers, NCBA said there would be no immediate changes to its operations. The bank will retain its name, local leadership, Nairobi headquarters and existing customer-facing model.
Its branches, digital banking channels, products and relationship teams are expected to continue operating as before. The company said Nedbank’s backing could eventually enable broader cross-border solutions and access to additional expertise.
Employees are also expected to gain opportunities for professional development and knowledge sharing across the enlarged financial services network.
The offer attracted strong shareholder participation. By July 10, NCBA shareholders had tendered 1,316,357,895 shares, equivalent to 79.90% of the company’s issued shares. Nedbank had targeted a 66% controlling stake, with excess applications scaled back proportionately under the offer terms.
NCBA will remain listed on the Nairobi Securities Exchange, with public investors retaining a combined 34% shareholding.
To facilitate the transaction’s settlement, the company announced plans to suspend trading in its shares from around the close of business on October 21 through November 2. The transfer of shares through a block trade on the exchange and settlement of payments to shareholders were scheduled for November 3.
The acquisition marks a shift in NCBA’s ownership structure while retaining public participation through its stock market listing.
Its broader significance will depend on whether the partnership can turn its expanded regional presence into stronger financing for enterprises, deeper trade links and improved financial services for customers across African markets.
