South Africa’s Nedbank has secured overwhelming shareholder support for its planned acquisition of a 66% stake in Kenya’s NCBA Group.
The proposed transaction, valued at approximately Ksh.109 billion (R13.9 billion), points to one of East Africa’s most significant banking deals in recent years.
The offer was accepted by NCBA shareholders representing 1.32 billion shares, equivalent to 79.9% of the company’s issued shares, comfortably exceeding the level required for the acquisition to proceed.
Nedbank will issue approximately 43.6 million new ordinary shares and make a cash payment of around Ksh.23.2 billion (about R3 billion, based on the exchange rate of 20 July 2026), as part of the transaction.
Despite the change in ownership, NCBA will remain listed on the Nairobi Securities Exchange (NSE), allowing shareholders to continue trading the bank’s shares.
Eligible shareholders will also have the opportunity to tender up to 100% of their holdings, subject to the agreed allocation rules.
Also Read: CMA Clears Nedbank in 66% NCBA Takeover Bid
The acquisition has already cleared several important regulatory hurdles, receiving approvals from authorities in South Africa, Kenya, Rwanda, Tanzania and the East African Community. The remaining approvals are expected before the end of the third quarter of 2026, with the deal anticipated to close in late Q3 or early Q4.
NCBA has grown into one of East Africa’s leading financial institutions since the 2019 merger between NIC Group and Commercial Bank of Africa (CBA).
Today, the bank manages assets worth more than Ksh.620 billion, serves over 60 million customers, and operates more than 100 branches across Kenya, Tanzania, Uganda and Rwanda. It has also expanded its digital banking services into Ghana and Côte d’Ivoire.
The partnership is expected to combine the strengths of both institutions. Nedbank plans to bring its expertise in infrastructure financing, while leveraging NCBA’s strong digital banking capabilities and extensive regional customer base.
NCBA’s current management team will continue to oversee the bank’s day-to-day operations and retain responsibility for decisions relating to future geographic expansion, ensuring continuity for customers, employees and investors.
