Nedbank Gets CBK Approval to Acquire Up to 66% Stake in NCBA Group

The Central Bank of Kenya (CBK) has approved Nedbank Group Limited’s plan to acquire up to 66% of the issued share capital of NCBA Group PLC.

In a statement on August 31, CBK said it approved the proposed acquisition on August 28, 2026, under Section 13 (4) of the Banking Act.

The transaction will take effect once the parties complete the deal in line with the terms of their agreement.

The approval clears the way for Nedbank, a South African financial services group, to acquire a controlling stake in NCBA Group, one of East Africa’s leading financial institutions.

CBK said the acquisition will help maintain stability in the Kenyan banking sector while strengthening the sector’s resilience.

“CBK welcomes this transaction as it will ensure continued stability, enhance the resilience of the Kenyan banking sector and promote competition,” the regulator said.

NCBA’s Regional Operations

NCBA Group is a financial services conglomerate headquartered in Nairobi, Kenya.

The group was formed in 2019 after the merger of NIC Group and Commercial Bank of Africa (CBA).

NCBA is listed on the Nairobi Securities Exchange and operates banking subsidiaries in Kenya, Uganda, Tanzania and Rwanda. It also has a joint venture in Côte d’Ivoire.

Beyond banking, the group has expanded into stock brokerage, insurance, investment banking and leasing.

The acquisition will therefore give Nedbank access to NCBA’s established operations across East Africa and other markets where the group has a presence.

Also Read:NCBA Explains Why It Settled on Nedbank Despite Multiple Acquisition Offers

Nedbank Group’s African Presence

Nedbank Group is a South African public company headquartered in South Africa.

The financial services group is primarily listed on the Johannesburg Stock Exchange and also has a dual listing on the Namibia Securities Exchange.

Nedbank offers a range of financial services, including banking, investment, insurance and stockbroking.

The group also operates through subsidiaries and banks in Lesotho, Mozambique, Namibia, Eswatini and Zimbabwe.

Also Read;Taarifa Ltd Acquires 54% Stake in Nation Media Group

Shareholders Accept Nedbank’s Offer

The acquisition has already received strong backing from NCBA shareholders.

Nedbank announced on July 21, 2026, that shareholders holding 1.316 billion NCBA shares, representing 79.9% of the issued shares, had accepted its offer.

Of these, 920.65 million shares, equivalent to 55.88% of NCBA, were tendered under the standard pro-rata entitlement, while another 395.7 million shares, representing 24.02%, came through excess applications.

Based on the indicative acceptances, Nedbank said it had achieved its targeted 66% shareholding in NCBA.

“Based on the Indicative Acceptances, Nedbank Group has achieved its targeted 66% shareholding in NCBA,” the South African lender said.

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Photo of NCBA Bank building in Nairobi Kenya. PHOTO/ Courtesy