The Central Bank of Kenya (CBK) has approved the acquisition of up to 66 percent of the issued share capital of NCBA Group PLC by South Africa-based Nedbank Group Limited. The approval, granted on August 28, 2026 under Section 13(4) of the Banking Act, clears the way for one of East Africa’s largest banking transactions to move toward completion.

According to an official statement released by the CBK on August 31, 2026, the transaction will take effect once both entities complete all terms outlined in their mutual agreement.

The road to this acquisition began in earnest in August 2025, when Nedbank divested its 21.22% stake in pan-African lender Ecobank to pivot away from passive investments toward direct operational control in high-growth regions.

In January 2026, Nedbank formally announced its intention to acquire the controlling 66% stake in NCBA, identifying East Africa as a primary trade corridor.

Nedbank officially opened a partial tender offer on May 28, 2026, valuing NCBA at approximately Ksh. 110 billion ($855 million) or Ksh. 105 per share. The offer was structured as a hybrid of cash (20%) and newly issued JSE-listed Nedbank shares (80%), with a full cash buyout option provided for small retail shareholders.

The deal follows a record-breaking financial year for NCBA Group, which reported a net profit of Ksh. 23.4 billion for FY 2025, a 7% year-on-year increase, and launched its 2026–2030 Ubuntu strategy.

Despite the change in majority ownership, NCBA Group Managing Director and CEO John Gachora confirmed that the lender will maintain its brand identity, independent governance, local leadership, and public listing on the Nairobi Securities Exchange (NSE) for the remaining 34% stake.

For NCBA, the deal grants access to Nedbank’s global balance sheet and Corporate and Investment Banking (CIB) expertise, allowing it to take on large-scale infrastructure projects while expanding into new markets like the Democratic Republic of Congo (DRC) and Ethiopia. For Nedbank, NCBA provides strong digital infrastructure, including dominant regional digital lending products and a network serving over 60 million customers.