South Africa’s Nedbank has acquired a 66% controlling stake in Kenya’s NCBA Group in a transaction valued at approximately R13.9 billion. The deal was reported as completed on October 19, 2026, following the acquisition of the required regulatory approvals.
Nedbank financed the acquisition through approximately R3 billion in cash and newly issued shares. NCBA shareholders tendered 1,316,357,895 shares, representing 79.9% of the bank’s issued capital, before the offer closed on July 10.
The shares are scheduled to be transferred to Nedbank through a block trade on November 3. Shareholders who accepted the offer are expected to receive cash and newly issued Nedbank shares.
NCBA will remain listed on the Nairobi Securities Exchange (NSE), with approximately 34% of its shares held by public investors. The bank will also retain its brand and local leadership under the new ownership structure
The acquisition gives Nedbank an established banking network across East Africa, expanding its regional presence beyond its previous representative office. NCBA operates in Kenya, Uganda, Tanzania and Rwanda, while its digital banking operations extend to Ghana and Côte d’Ivoire.
The group also has a digital lending business covering mobile credit and payments. According to FurtherAfrica, the new ownership structure gives Nedbank control over NCBA’s earnings and regional operations while allowing local shareholders to retain their stake.
Investors will be monitoring revenue growth, credit quality, cost savings and digital expansion as the two businesses align their governance, systems and reporting. The acquisition is expected to strengthen Nedbank’s regional reach while NCBA continues operating under its existing brand and maintaining its NSE listing..