Nedbank Group has announced an offer to acquire about 66% of NCBA Group PLC in a transaction valued at approximately R13.9 billion (Sh109 billion), giving the South African lender effective control of one of East Africa’s largest financial services groups.
The proposed deal, submitted to the NCBA board, the Kenyan Capital Markets Authority, the Nairobi Securities Exchange, and the Competition Authority of Kenya on January,21 2026, will be structured as a partial pro rata offer to all NCBA shareholders, with each entitled to tender 66% of their holdings and the opportunity to tender excess shares subject to allocation mechanics outlined in the offer document.
The transaction will see NCBA become a subsidiary of Nedbank, while the remaining 34% of NCBA shares will continue to trade publicly on the NSE.
The proposed consideration comprises 20% cash and 80% Nedbank ordinary shares listed on the Johannesburg Stock Exchange, allowing a blend of liquidity and long-term shareholder value.
Nedbank Group currently holds no NCBA shares and will rely on irrevocable undertakings from NCBA shareholders to secure the transaction.
Nedbank Group Chief Executive Jason Quinn described the acquisition as a strategic milestone. “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,” Quinn said.
He added that the combination of NCBA’s regional presence and Nedbank’s capital base and expertise will create a compelling platform for sustainable growth across East Africa.
Quinn further highlighted the region’s strategic importance, citing strong macroeconomic fundamentals, a large and growing population, attractive growth prospects, and a major trade corridor linking Africa with the Middle East, India, and Asia.
“We look forward to building a partnership that supports NCBA’s and our clients’ growth trajectories. This will further support economic development across the region while delivering attractive returns for all shareholders,” he said.
NCBA, headquartered in Nairobi, will remain independently governed and retain its brand, local leadership team, and NSE listing.
The bank operates across Kenya, Uganda, Tanzania, Rwanda, and provides digital banking services in Ghana and Ivory Coast.
Formed in 2019 through the merger of NIC Group PLC and Commercial Bank of Africa Limited, NCBA serves over 60 million customers, operates 122 branches, manages Sh665 billion (c. ZAR 84.4bn) in assets, and disburses more than Sh1 trillion (c. ZAR 126.9bn) in digital loans annually.
The transaction is subject to regulatory approvals and is expected to conclude by the third quarter of 2026.
