South Africa’s Nedbank Group has acquired a 66 per cent controlling stake in NCBA Group, bringing the East African banking group under its ownership in a deal expected to strengthen cross-border banking, trade and investment.
The transaction, announced on October 19, 2026, follows the completion of regulatory approvals and makes NCBA a subsidiary of Nedbank.
NCBA operates in six African markets, including Uganda, Kenya, Tanzania, Rwanda, Ivory Coast and Ghana, serving more than 60 million customers through 122 branches.
Nedbank, which is headquartered in South Africa, said the investment would give it a stronger presence in East Africa, with plans to explore further growth opportunities across the region.
NCBA will, however, retain its name, Nairobi headquarters, local leadership and existing customer-facing operations. Its branches, digital banking platforms, products and services will continue operating as usual.
In a statement, NCBA Group Managing Director and Chief Executive Officer John Gachora said the deal would strengthen the bank’s ability to expand its services and pursue new opportunities across the region.
“This is a proud moment for NCBA and a powerful endorsement of the strength of our business, our people and the markets we serve,” Gachora said.
He added that Nedbank’s investment would enable NCBA to expand its regional footprint and offer customers 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 major step in the bank’s African expansion strategy.
“This landmark transaction establishes a significant presence for Nedbank in East Africa and marks a decisive step forward in our African growth strategy,” Quinn said.
He added that combining the two banking groups would create opportunities for customers and shareholders while supporting trade, investment and economic growth across Africa.
The transaction attracted significant interest from NCBA shareholders. According to the statement, shareholders tendered 1.316 billion shares, representing 79.90 per cent of the bank’s issued shares, exceeding Nedbank’s targeted 66 per cent stake.
The excess applications were reduced proportionately to bring Nedbank’s eventual ownership to approximately 66 per cent.
NCBA will remain listed on the Nairobi Securities Exchange, with the public retaining the remaining 34 per cent of its shares.
The bank said its shares would be suspended from trading from on or about October 21 until the close of business on November 2, 2026, to allow reconciliation of the share register.
The transfer of shares to Nedbank and settlement of payments to participating shareholders are scheduled to begin on November 3, 2026.
The acquisition brings together two established African banking groups, with Nedbank’s Southern African operations complementing NCBA’s presence in East Africa. The partnership is expected to support regional business expansion and strengthen financial links across the continent.
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