South African lender Nedbank completed its takeover of about 66% of Kenya’s NCBA Group on 19 October, after holders of 79.9% of the shares accepted its offer of cash and new Nedbank shares worth about 13.9 billion rand ($800 million). NCBA is Kenya’s fourth-largest bank by assets, which reached Sh716 billion ($5.5 billion) at the end of 2025, and also operates in Uganda, Tanzania and Rwanda. Nedbank, more reliant on South Africa than its local rivals, until now had only a representative office in East Africa. The deal gives it a ready regional network and a large digital lending business, while NCBA keeps its brand and its Nairobi listing, with 34% of shares left with public investors.
Sources
- Nedbank (press release): https://group.nedbank.co.za/news-and-insights/press/2026/nedbank-completes-landmark-ncba-deal.html
- The Star: https://www.the-star.co.ke/business/kenya/2026-10-19-nedbank-takes-control-of-ncba-in-sh110-billion-deal
- BusinessDay: https://www.businessday.co.za/companies/2026-10-20-nedbanks-r14bn-ncba-takeover-becomes-unconditional/
- TechMoran: https://techmoran.com/2026/10/19/nedbank-completes-acquisition-of-66-of-kenyas-ncba-in-850-million-plus-deal/