Nedbank Wins Approval To Acquire Up To 66% Of Kenya’s NCBA
Nedbank Wins Approval To Acquire Up To 66% Of Kenya’s NCBA

Nedbank Wins Approval To Acquire Up To 66% Of Kenya’s NCBA

By Mintesinot Nigussie  |  September 1, 2026

South Africa’s Nedbank Group has secured regulatory approval to acquire up to 66 percent of NCBA Group, in a deal that will deepen cross-border consolidation in East Africa’s banking sector.

The Central Bank of Kenya approved the acquisition on August 28 under Section 13(4) of the Banking Act. The transaction will take effect once the parties complete the deal in accordance with their agreement.

Datanomics

NCBA is one of East Africa’s largest financial services groups, with its headquarters in Nairobi and banking operations in Kenya, Uganda, Tanzania and Rwanda, as well as a joint venture in Côte d’Ivoire.

The group was formed in 2019 through the merger of NIC Group and Commercial Bank of Africa. It is listed on the Nairobi Securities Exchange and has expanded beyond commercial banking into stockbroking, insurance, investment banking and leasing.

Sheway Hair

Nedbank, one of South Africa’s major financial services groups, is listed on the Johannesburg Stock Exchange and Namibia Securities Exchange. It operates across Southern Africa through banking subsidiaries in Lesotho, Mozambique, Namibia, Eswatini and Zimbabwe.

The Central Bank of Kenya said it welcomed the transaction, saying it would support stability and resilience in the Kenyan banking sector while promoting competition.

HypeFitness

The acquisition would give Nedbank a substantial position in a financial group with an established presence across several East African markets, extending the South African lender’s regional footprint.

Source: FSX Business News