CBK approves Nedbank’s 66% acquisition of NCBA

The approval, made on August 28, 2026, under Section 13 (4) of the Banking Act, will see the South African financial services provider take over a majority stake in the Kenyan lender. 

“The acquisition shall take effect upon completion of the transaction in accordance with the terms of the Agreement between the two parties,” the CBK said in a statement on Monday. 

In January 2026, Nedbank announced its offer to take up a shareholding in NCBA as part of its plan to set footprints in the East African region. 

“The proposed deal brings together two organisations with highly complementary strengths. NCBA offers a strong brand presence, an extensive regional network, advanced digital capabilities and deep customer reach which naturally aligns with Nedbank’s established Corporate and Investment Banking expertise, cross‑border structuring capabilities, and strong balance sheet,” said Nedbank Group CE Jason Quinn. 

The acquisition will see Nedbank invest upwards of 855.5 million dollars. As NCBA becomes a subsidiary of Nedbank, it will continue to trade its remaining 34% shares publicly on the Nairobi Securities Exchange (NSE).

“By combining NCBA’s substantial local presence and Nedbank’s capital base, expertise and enduring commitment to Africa, we see a compelling platform for sustainable growth in the region,” added Quinn when the Johannesburg-listed lender announced its intention to acquire a two-thirds stake in NCBA.