Business
NCBA welcomes Nedbank as new majority shareholder in regional expansion deal
The transaction, announced on Monday, follows regulatory approvals and makes NCBA a subsidiary of Nedbank, while the remaining 34% shareholding stays with the public. NCBA will retain its listing on the Nairobi Securities Exchange.
South Africa’s Nedbank Group has completed the acquisition of a 66% controlling stake in NCBA Group PLC. (Courtesy)
By: Vision Reporter, Journalist @New Vision
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South Africa’s Nedbank Group has completed the acquisition of a 66% controlling stake in NCBA Group PLC, paving the way for expanded financial services and cross-border business opportunities in East Africa.
The transaction, announced on Monday, follows regulatory approvals and makes NCBA a subsidiary of Nedbank, while the remaining 34% shareholding stays with the public. NCBA will retain its listing on the Nairobi Securities Exchange.
NCBA operates in six African markets, including Uganda, Kenya, Tanzania, Rwanda, Ivory Coast and Ghana, serving more than 60 million customers through 122 branches.
The acquisition gives Nedbank, which is headquartered in South Africa, an entry point into East Africa as it seeks to expand its presence across the continent and support trade, investment and enterprise growth.
NCBA Group managing director and chief executive John Gachora said the investment would strengthen the bank’s ability to pursue regional opportunities and expand its product offering.
“The name is the same, the people are the same, but the ambition and capabilities are tremendously magnified,” Gachora said.
NCBA Group managing director and chief executive John Gachora said the investment would strengthen the bank’s ability to pursue regional opportunities and expand its product offering.
“The name is the same, the people are the same, but the ambition and capabilities are tremendously magnified,” Gachora said.
Nedbank Group chief executive Jason Quinn said the transaction would connect two banking platforms across Southern and East Africa, creating opportunities for customers and shareholders while supporting trade and investment.
NCBA said its local leadership, Nairobi headquarters, branches, digital channels and customer-facing operations would remain unchanged. Customers can continue using existing products and services as the group explores opportunities to introduce broader capabilities through Nedbank.
The transaction attracted strong shareholder interest. By the July 10, 2026, offer deadline, shareholders had tendered 1.316 billion NCBA shares, representing 79.9% of issued shares. Applications were scaled back on a pro-rata basis to limit Nedbank’s acquisition to its targeted 66% stake.
NCBA shares are scheduled to be suspended from trading from the close of business on October 21 until November 2, 2026, to allow reconciliation of the share register. The transfer of shares through a block trade on the Nairobi Securities Exchange and settlement of the transaction are scheduled for November 3.
The acquisition marks a significant ownership change for NCBA and creates a platform for Nedbank to expand its reach into East Africa’s financial services market.
NCBA said its local leadership, Nairobi headquarters, branches, digital channels and customer-facing operations would remain unchanged. Customers can continue using existing products and services as the group explores opportunities to introduce broader capabilities through Nedbank.
The transaction attracted strong shareholder interest. By the July 10, 2026, offer deadline, shareholders had tendered 1.316 billion NCBA shares, representing 79.9% of issued shares. Applications were scaled back on a pro-rata basis to limit Nedbank’s acquisition to its targeted 66% stake.
NCBA shares are scheduled to be suspended from trading from the close of business on October 21 until November 2, 2026, to allow reconciliation of the share register. The transfer of shares through a block trade on the Nairobi Securities Exchange and settlement of the transaction are scheduled for November 3.
The acquisition marks a significant ownership change for NCBA and creates a platform for Nedbank to expand its reach into East Africa’s financial services market.