Nedbank Completes Its 66% Takeover of Kenya's NCBA

Nedbank Group has completed its acquisition of about 66% of NCBA Group, the South African bank said in a statement on Monday 19 October. NCBA, one of Kenya's largest lenders, is now a Nedbank subsidiary, giving the Johannesburg-listed group its first major operation in East Africa.

The deal, first announced in January, is worth about R13.9 billion, or roughly Sh110 billion, according to The Star. TechMoran puts it at about $800 million, based on a Nedbank issue price of 250 rand a share.

What shareholders get

The offer was Sh105 per NCBA share, about 1.4 times book value and a premium of about 17% to the price before the deal was announced, according to TechMoran. Shareholders who tendered receive 20% in cash and 80% in newly issued Nedbank shares, The Star reports, with small holders paid in cash only.

• NCBA shares are suspended on the Nairobi Securities Exchange from the close of business on 21 October until 2 November while the register is reconciled, according to TechTrendsKE.
• The shares move to Nedbank through a block trade on the NSE on 3 November, and payment to tendering shareholders starts the same day.
• The remaining 34% stays in public hands and NCBA remains listed in Nairobi.

Same name, bigger ambition

NCBA will keep its brand, local management, Nairobi headquarters, products, branches and digital channels, the bank said. "The name is the same, the people are the same, but the ambition and capabilities are tremendously magnified," said NCBA chief executive John Gachora, as quoted by Nedbank.

Nedbank chief executive Jason Quinn called the deal "a decisive step forward" in the group's African growth strategy, according to TechTrendsKE. Nedbank, which serves more than 8 million clients and had a market capitalisation of R129 billion at 30 June, previously operated in Namibia, Zimbabwe, Mozambique, Lesotho and Eswatini, with only a representative office in East Africa.

NCBA serves more than 60 million customers through 122 branches in Kenya, Uganda, Tanzania, Rwanda and Ivory Coast, according to Nedbank's statement. Most of that customer base comes from its digital lending products run with Safaricom. The Star reports that NCBA's net profit rose 7% to Sh23.4 billion in 2025, digital loans disbursed climbed 33% to Sh1.4 trillion, and digital business contributed 32% of group profit.

The Central Bank of Kenya approved the acquisition on 28 August under the Banking Act, Citizen Digital reported at the time, after Kenya's Capital Markets Authority exempted Nedbank from making a full offer in February. TechMoran lists further clearances from South Africa's Prudential Authority and regional competition authorities.