Nedbank completes takeover of NCBA after securing 66 per cent stake

South Africa’s Nedbank Group has completed its acquisition of a 66 per cent controlling stake in NCBA Group, making the Nairobi-based lender, which also operates in Uganda, a subsidiary of the Johannesburg-listed bank.

NCBA announced the completion in Nairobi on Monday, saying it followed receipt of the required regulatory approvals. The lender will remain listed on the Nairobi Securities Exchange (NSE), with the remaining 34 per cent of its issued shares held by the public.

According to NCBA, shareholders had tendered 1,316,357,895 shares, or 79.90 per cent of the issued shares, by the time the offer period closed on 10 July 2026. That was more than the 66 per cent Nedbank had set out to acquire. The bank said excess applications were scaled back on a pro-rata basis under the terms of the offer document to bring Nedbank’s holding to approximately 66 per cent.

NCBA shares will be suspended from trading from on or about close of business on Wednesday, 21 October, until close of business on Monday, 2 November, to allow reconciliation of the share register.

The transfer of shares to Nedbank will be executed as a block trade on the NSE’s Block Trade Board on Tuesday, 3 November. Settlement of Nedbank shares and cash payments to NCBA shareholders will begin the same day. The statement did not disclose the total value of the transaction.

NCBA says it operates in Kenya, Uganda, Tanzania, Rwanda, Ivory Coast and Ghana, with 122 branches and more than 60 million customers.

Nedbank, which is listed in Johannesburg and Namibia, has operations in Namibia, Zimbabwe, Mozambique, Lesotho and Eswatini, as well as offshore centres in London, Dubai, the Isle of Man and Jersey. The deal marks its entry into East Africa. The South African bank said it plans to extend its brand into the wider region.

NCBA said it would keep its brand, local leadership, Nairobi headquarters and customer-facing operating model. It added that products, branches, relationship teams, digital channels and day-to-day banking arrangements would not change for customers.

NCBA Group Managing Director and Chief Executive Officer John Gachora said the backing of Nedbank would allow the lender to pursue opportunities across the region.

“With the backing of Nedbank, we are now poised to boldly go after opportunities across the East African region, expand our footprint and bring to market a more sophisticated set of products,” Gachora said.

“The name is the same, the people are the same, but the ambition and capabilities are tremendously magnified,” he added.

Nedbank Group Chief Executive Jason Quinn described the deal as a step in the bank’s African growth 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.

“By connecting two strong banking platforms across Southern and East Africa, we are creating new opportunities for our clients and shareholders,” he said.