South Africa’s Nedbank Group has completed its acquisition of a 66% controlling stake in NCBA Group Plc, making the Kenyan financial services company a subsidiary and expanding the South African lender’s presence in East Africa. Announced on October 19, 2026, the transaction follows regulatory approvals and leaves the remaining 34% of NCBA’s shares in public hands on the Nairobi Securities Exchange (NSE).
NCBA will continue operating under its existing brand, with its headquarters in Nairobi and local leadership overseeing its business. The bank’s continued NSE listing also means public investors will retain an opportunity to hold shares in the company following the change in control.
The acquisition followed Nedbank’s offer to NCBA shareholders, which closed on July 10. Shareholders tendered 1.316 billion shares, representing 79.90% of NCBA’s issued share capital. Because this exceeded Nedbank’s target, excess acceptances were scaled back proportionately to achieve the planned 66% stake.
NCBA Group Managing Director John Gachora said the transaction would support the bank’s regional expansion ambitions and strengthen its ability to provide more sophisticated financial products to customers. Nedbank Chief Executive Jason Quinn has described the investment as an opportunity to deepen trade, investment and business growth across African markets.
NCBA operates across Kenya, Uganda, Tanzania and Rwanda, with a joint venture in Côte d’Ivoire, and has a network of 122 branches and more than 60 million customers, according to the company. Its regional reach and digital banking capabilities were among the strategic attractions of the deal for Nedbank.
The acquisition gives Nedbank a stronger foothold in East Africa, complementing its established presence in Southern African markets. The two groups expect the partnership to create opportunities in corporate banking, trade finance and other financial services as businesses increasingly seek cross-border opportunities.
For NCBA, the next phase will involve working within Nedbank’s wider group while continuing to serve customers through its established local operations. The bank’s brand, Nairobi headquarters and public listing are set to remain in place, even as control shifts to the South African group.
