South Africa’s Nedbank Group has completed its takeover of NCBA Group after acquiring a 66 per cent controlling stake in the Nairobi-based lender, which also operates in Uganda.
NCBA announced the completion in Nairobi on Monday, saying the deal had received the required regulatory approvals. The lender is now a subsidiary of Nedbank.
NCBA will remain listed on the Nairobi Securities Exchange (NSE), with the remaining 34 per cent of its issued shares held by the public.
The takeover drew more interest from shareholders than Nedbank needed. 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.
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. The statement did not disclose how much Nedbank paid for the stake.
To complete the transfer, 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 shares will then move to Nedbank through 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 takeover gives Nedbank its first foothold in East Africa. The South African bank, which is listed in Johannesburg and Namibia, operates in Namibia, Zimbabwe, Mozambique, Lesotho and Eswatini, with offshore centres in London, Dubai, the Isle of Man and Jersey. It said it plans to extend its brand into the wider region.
NCBA says it operates in Kenya, Uganda, Tanzania, Rwanda, Ivory Coast and Ghana, with 122 branches and more than 60 million customers.
Under the new ownership, 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 remain unchanged.
NCBA Group Managing Director and Chief Executive Officer John Gachora said the takeover would allow the lender to expand.
“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 said the deal was part of the bank’s growth strategy on the continent.
“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.
“We are proud to welcome NCBA to the Nedbank Group,” he added.
