NCBA Group PLC has completed a strategic investment by South Africa’s Nedbank Group Limited, which has acquired a 66 per cent controlling stake in the East African financial services group, paving the way for expanded regional operations and new business opportunities.
The transaction, announced in Nairobi on October 19, 2026, follows the receipt of the required regulatory approvals and makes NCBA a subsidiary of Nedbank. NCBA will, however, remain listed on the Nairobi Securities Exchange (NSE), with the public retaining the remaining 34 per cent stake.
The acquisition gives Nedbank a strategic foothold in East Africa, a region whose financial services sector continues to attract investment amid growing demand for banking, trade finance and digital financial solutions.
NCBA operates in Kenya, Uganda, Tanzania, Rwanda and Côte d’Ivoire, serving more than 60 million customers through a network of 122 branches, according to the company. Nedbank, which is listed on the Johannesburg and Namibia stock exchanges, has operations across Southern Africa and offshore financial centres.
The two groups expect the partnership to strengthen cross-border financial services, support businesses and stimulate trade and investment between African markets.
NCBA’s established regional network, digital banking capabilities, asset finance business and investment banking expertise were among the factors underpinning the investment. Kenya’s position as a regional financial hub also offers Nedbank an entry point into East Africa’s expanding market.
NCBA Group Managing Director and Chief Executive Officer John Gachora described the completion as an endorsement of the group’s business, workforce and markets.
He said the partnership would enable NCBA to pursue opportunities across East Africa, expand its reach and introduce more sophisticated financial products.
“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 marked a significant step in the South African lender’s African growth strategy.
He said linking the two banking platforms would create opportunities for customers and shareholders while supporting trade, investment and economic growth across the continent.
The two institutions have assured NCBA customers that normal banking operations will continue. The bank will retain its brand, Nairobi headquarters, local leadership, branches, digital channels and existing customer service arrangements.
Employees are also expected to benefit from opportunities for skills development, knowledge sharing, innovation and career growth within the enlarged financial services network.
The transaction attracted substantial shareholder interest. According to NCBA, shareholders tendered 1.316 billion shares, equivalent to 79.90 per cent of the issued shares, by the close of the offer period on July 10, 2026.
Applications exceeding Nedbank’s targeted 66 per cent stake were scaled back proportionately in line with the offer terms.
NCBA and Nedbank said the bank’s shares would 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 NSE and settlement of the transaction, including cash payments to shareholders, were scheduled to begin on November 3, 2026.
The acquisition is expected to strengthen financial links between East and Southern Africa, with the combined banking platforms positioned to serve businesses and investors seeking opportunities across the two regions.
