Popular Kenyan Bank is set to sell a majority stake after the Central Bank of Kenya (CBK) approved a KSh116.3 billion deal by South Africa’s Nedbank Group Limited to acquire up to 66% of its shareholding.
In a statement dated August 31, 2026, the CBK said it had approved the acquisition on August 28, 2026, under Section 13(4) of the Banking Act.
The regulator said the acquisition will take effect once the transaction is completed in accordance with the terms of the agreement between the two parties.
“The Central Bank of Kenya (CBK) announces the acquisition of up to 66 percent of the shareholding of NCBA Group PLC (NCBA) by Nedbank Group Limited (Nedbank). This follows the approval by CBK on August 28, 2026, under Section 13 (4) of the Banking Act,” the statement read in part.
“Acquisition shall take effect upon completion of the transaction in accordance with the terms of the Agreement between the two parties.”
NCBA’s Ownership and Regional Presence
Detailing the Kenyan bank, CBK noted that NCBA Group PLC is a financial services conglomerate headquartered in Nairobi, Kenya.
The group was established in 2019 following 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.
The group has expanded beyond banking into stock brokerage, insurance, investment banking and leasing.
Nedbank’s Regional Operations
On the other hand, CBK detailed that Nedbank Group Limited is a public company incorporated in South Africa and headquartered there.
It is primarily listed on the Johannesburg Stock Exchange and also has a dual listing on the Namibia Securities Exchange.
The South African financial services provider offers banking, investment, insurance and stockbroking services.
Nedbank also operates in five other Southern African countries through subsidiaries and banks in Lesotho, Mozambique, Namibia, Eswatini and Zimbabwe.
CBK Welcomes the Transaction
The CBK said it welcomes the acquisition, stating that the transaction will ensure continued stability, enhance the resilience of Kenya’s banking sector and promote competition.
“CBK welcomes this transaction as it will ensure continued stability, enhance the resilience of the Kenyan banking sector and promote competition,” the CBK statement read.
The regulator clarified that the acquisition is subject to completion of the transaction in accordance with the agreement between the two parties.
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