Johannesburg – South African banking group Nedbank has moved closer to completing its proposed acquisition of a controlling 66% stake in Kenyan financial services group NCBA after receiving approval from the Central Bank of Kenya (CBK).
NCBA announced on Tuesday, 1 September 2026, that the CBK had granted the required approval for the transaction, which involves Nedbank acquiring approximately 1.087 billion ordinary shares in NCBA, representing about 66% of the issued share capital.
The approval was granted by the CBK on 28 August under Section 13(4) of Kenya’s Banking Act. The regulator said the acquisition would support “continued stability”, strengthen the resilience of Kenya’s banking sector and promote competition.
In its public announcement, NCBA described the CBK approval as “an important milestone in the progression of the Transaction”.
Nedbank said the majority of regulatory approvals required for the offer had now been obtained, with the remaining approvals expected towards the end of the third quarter of 2026.
𝐑𝐨𝐮𝐧𝐝𝐮𝐩 𝐨𝐟 𝐓𝐨𝐝𝐚𝐲’𝐬 𝐓𝐨𝐩 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐂𝐨𝐧𝐭𝐞𝐧𝐭 [𝟏𝐬𝐭 𝐒𝐞𝐩 𝟐𝟎𝟐𝟔]:
1. With the receipt of CBK approval, NCBA says the majority of regulatory approvals required for Nedbank Group’s proposed acquisition of a 66% stake have now been obtained, with… pic.twitter.com/MrYvVgNWq4
— Mwango Capital (@MwangoCapital) September 1, 2026
“The Offer remains subject to the fulfilment (or waiver, at the discretion of Nedbank Group or NCBA to the extent permissible by law) of certain Conditions specified in the Offer Document,” NCBA said.
The transaction follows Nedbank’s offer to acquire the shares from existing NCBA shareholders on a pro-rata basis. By 21 July, Nedbank had already achieved its targeted 66% shareholding, according to the latest NCBA announcement.
The deal is valued at about R13.9 billion, with the consideration structured as 20% cash and 80% in new Nedbank ordinary shares listed on the Johannesburg Stock Exchange.
Nedbank has said the transaction is part of its strategy to expand its presence in East and Southern Africa and reduce its reliance on the South African market. The acquisition will give the group exposure to NCBA’s operations in Kenya, Uganda, Tanzania and Rwanda, as well as its wider financial services operations.
The CBK has welcomed the transaction, saying it is expected to strengthen Kenya’s banking sector while increasing competition.
NCBA, which was formed in 2019 through the merger of NIC Group and Commercial Bank of Africa, is headquartered in Nairobi and remains listed on the Nairobi Securities Exchange. It also has banking subsidiaries in Uganda, Tanzania and Rwanda, as well as a joint venture in Côte d’Ivoire.
Nedbank said settlement of the consideration due to shareholders who accepted the offer will take place from the 10th trading day and within 14 trading days after it announces that all conditions attached to the transaction have been fulfilled or waived.
The transaction will therefore only be concluded once the outstanding regulatory approvals and other conditions have been satisfied.
The deal represents a major expansion of a South African banking group into East Africa and comes as major African lenders increasingly look beyond their home markets for growth opportunities.
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Compiled by Betha Madhomu
