South Africa’s Nedbank Group to acquire 66% stake in NCBA

In a move set to reshape the East African banking landscape, South Africa’s Nedbank Group Limited has officially issued a notice of intention to acquire a controlling 66% stake in NCBA Group PLC.

The proposed deal, announced on January 21st, 2026, values the Kenyan-based financial powerhouse at 1.4 times its book value. If successful, the transaction will transform NCBA into a subsidiary of Nedbank, though it will notably maintain its listing on the Nairobi Securities Exchange (NSE).

The acquisition structure is designed to integrate NCBA shareholders into Nedbank’s broader success. Participating shareholders will receive 20% of their payment in cash, while the remaining 80% will be settled through Nedbank ordinary shares listed on the Johannesburg Stock Exchange (JSE).

The transaction is currently awaiting regulatory approvals from central banks across multiple jurisdictions. If cleared, the deal is expected to close within the next six to nine months.

For Nedbank, the move is a decisive step toward geographic diversification. While Nedbank currently only maintains a representative office in East Africa, NCBA offers an expansive, ready-made footprint.

• Over 60 million customers.
• Operations in Kenya, Uganda, Tanzania, Rwanda, Ivory Coast, and Ghana.
• Over Ksh. 1 trillion in digital loans disbursed annually.

Despite the shift in ownership, both institutions emphasized that the NCBA brand is here to stay. Under the proposed terms, NCBA’s management team, operational model, and human capital decisions will remain anchored locally in Nairobi.

“We are proud of the brand we have built and look forward to making it central to Nedbank’s East Africa expansion,” said John Gachora, NCBA Group Managing Director. “Their strong balance sheet will help us scale in our current markets and explore the investment propositions that the DRC and Ethiopia have to offer.”

The partnership promises to marry Nedbank’s global investment banking expertise with NCBA’s local market leadership in asset finance and digital banking.

Jason Quinn, CEO of Nedbank, highlighted Kenya’s role as a natural anchor for the region:

“Kenya’s role as a regional financial hub, supported by strong institutions and a dynamic technology sector, makes it a natural anchor for our ambitions in Rwanda, Tanzania, and Uganda.”

The combined entity will target a massive market opportunity. With the inclusion of potential entries into Ethiopia and the DRC, the group aims to serve a combined population of over 430 million people across some of Africa’s fastest-growing economies.

Key financial highlights of NCBA Group