Nedbank Gets CBK Nod To Acquire 66% Stake In NCBA
The Central Bank of Kenya (CBK) has approved the acquisition of up to 66 per cent of the issued share capital of NCBA Group PLC by South Africa’s Nedbank Group Limited, paving the way for a major change in the ownership structure of one of East Africa’s leading financial services groups.
CBK said it approved the transaction on August 28, 2026, under Section 13(4) of the Banking Act.
The acquisition will take effect once the transaction is completed in accordance with the terms of the agreement between Nedbank and NCBA.
In a statement dated August 31, CBK said the transaction was expected to support the stability and resilience of Kenya’s banking sector while promoting competition.
“CBK welcomes this transaction as it will ensure continued stability, enhance the resilience of the Kenyan banking sector and promote competition,” the regulator said.
Major regional banking deal
NCBA Group is a financial services conglomerate headquartered in Nairobi and was formed in 2019 following the merger of NIC Group and Commercial Bank of Africa (CBA).
The group is listed on the Nairobi Securities Exchange (NSE) and has banking subsidiaries in Kenya, Uganda, Tanzania and Rwanda, as well as a joint venture in Côte d’Ivoire.
Beyond commercial banking, NCBA has diversified its operations into stock brokerage, insurance, investment banking and leasing.
The proposed acquisition will therefore give Nedbank a significant foothold in a financial services group with an established presence across several East African markets.
Nedbank’s regional footprint
Nedbank Group is a publicly listed South African financial services company headquartered in South Africa, with its primary listing on the Johannesburg Stock Exchange and a dual listing on the Namibia Securities Exchange.
The group provides a range of financial services, including banking, investment, insurance and stockbroking.
Outside South Africa, Nedbank operates through subsidiaries and banking operations in Lesotho, Mozambique, Namibia, Eswatini and Zimbabwe.
The acquisition of the NCBA stake would consequently expand Nedbank’s presence into East Africa, adding NCBA’s operations across the region to its existing southern African footprint.
Transaction awaits completion
Although CBK has approved the acquisition, the regulator said the transaction will only take effect upon completion in accordance with the agreement between the two parties.
The approval comes as Kenya’s banking sector continues to attract interest from regional and international financial institutions seeking to expand their operations and market presence.
For NCBA, the deal could provide access to a larger regional financial network, while Nedbank stands to gain a significant position in East Africa’s banking and financial services market.
CBK said it expects the transaction to contribute to a stable and competitive banking sector.
The regulator’s approval means the proposed acquisition can now proceed towards completion, subject to the terms agreed between Nedbank and NCBA.
