Another major acquisition has taken shape in the banking industry, after Central Bank approved a deal between Nedbank Group and NCBA Group. Central Bank of Kenya says it has given the greenlight to South Africa’s Nedbank Group to acquire up to 66% of NCBA Group in a transaction valued at Ksh 116.3 billion.

In a note issued today 31st August, 2026, the banking regulator said the acquisition takes effect once Nedbank and NCBA complete the transaction in accordance with the terms of their agreement. Nedbank’s offer for NCBA closed on 10th July, 2026. Shareholders tendered 79.9% of NCBA’s issued shares, exceeding the 66% target. Nedbank scaled back allocations on a pro-rata basis to acquire 1.087 billion shares, equivalent to 66% of the company.

Nedbank’s acquisition of NCBA positions the South African financial institution to tap the East Africa market through Kenya as a hub for regional banking. NCBA will retain its brand, management and board under the new structure. Nedbank will, however, nominate at least two directors to the NCBA board. NCBA shareholders will appoint one representative to Nedbank’s board.

The transaction has cleared competition reviews from the Common Market for Eastern and Southern Africa Competition Commission and the East African Community Competition Authority. Kenya’s Capital Markets Authority granted Nedbank an exemption from making a mandatory offer for all outstanding NCBA shares, allowing the partial acquisition to proceed while NCBA retained its Nairobi Securities Exchange listing.

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NCBA operates in Kenya, Uganda, Tanzania and Rwanda, with digital banking operations in Ghana and Ivory Coast. Nedbank currently operates in Eswatini, Lesotho, Mozambique, Namibia, South Africa and Zimbabwe. NCBA reported profit after tax of Ksh 12.4 billion for the six months to 30th June, 2026, up 12.2% year on year. Digital loans disbursed rose 26.9% to KSh 819 billion. Customer deposits rose 11 percent to KSh 551 billion.

Completion of the acquisition remains subject to outstanding conditions in the agreement between Nedbank and NCBA.

NCBA Group was formed in 2019, following a merger of NIC Group and Commercial Bank of Africa (CBA). CBA was strongly associated with the family of former Kenyan president, Uhuru Kenyatta and so has been the merged outfit. Listed on the NSE, NCBA Group has also diversified into stock brokerage, insurance, investment banking and leasing.

Nedbank Group is a public company incorporated in South Africa. It is headquartered in South Africa with primary listing on the Johannesburg Stock Exchange and a dual listing on the Namibia Securities Exchange. It is a diversified financial services provider, offering banking, investment, insurance and stockbroking services. The Group operates in five other countries in Southern Africa through subsidiaries and banks in Lesotho, Mozambique, Namibia, Eswatini and Zimbabwe.

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

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