Kampala, Uganda | JULIUS BUSINGE | South Africa’s Nedbank Group has completed the acquisition of a 66% controlling stake in NCBA Group PLC, giving the lender a foothold in East Africa as regional financial institutions seek to expand cross-border business and investment.
The transaction, announced on October 19, 2026, follows regulatory approvals and makes NCBA a subsidiary of Nedbank. NCBA will, however, remain listed on the Nairobi Securities Exchange (NSE), with the public retaining the remaining 34% stake.
The deal links two banking groups with operations across several African markets, potentially strengthening their capacity to support trade, business expansion and investment across the continent.
NCBA operates in Kenya, Uganda, Tanzania, Rwanda, Ivory Coast and Ghana, serving more than 60 million customers through 122 branches. Nedbank, headquartered in South Africa, has operations across Southern Africa and offshore financial centres, including London and Dubai.
Nedbank said the investment was part of its African growth strategy, with Kenya providing an entry point into East Africa because of its financial institutions, capital markets and technology sector.
NCBA’s digital banking capabilities, asset finance business, investment banking expertise and regional network were among the factors supporting the investment.
“This landmark transaction establishes a significant presence for Nedbank in East Africa and marks a decisive step forward in our African growth strategy,” said Nedbank Group Chief Executive Jason Quinn.
NCBA Group Managing Director and Chief Executive John Gachora said the transaction would strengthen the group’s ability to pursue regional opportunities and introduce more sophisticated financial products.
“The name is the same, the people are the same, but the ambition and capabilities are tremendously magnified,” Gachora said.
The acquisition comes amid efforts by financial institutions to expand beyond domestic markets and provide businesses with services that support regional trade and investment.
For companies operating across East Africa, a stronger regional banking network could create opportunities for improved cross-border financial services, asset financing and investment banking. However, the extent of these benefits will depend on how the two groups integrate their capabilities and develop products suited to businesses in different markets.
NCBA said its existing brand, Nairobi headquarters, local leadership and customer-facing operating model would remain unchanged. Branches, digital channels, products and day-to-day banking arrangements are also expected to continue as before.
The company said the partnership could create opportunities for employees through skills development, knowledge sharing and career progression across a larger financial services network.
Shareholders showed substantial interest in the offer. By the July 10 closing date, they had tendered 1.316 billion shares, representing 79.90% of NCBA’s issued shares, exceeding Nedbank’s targeted 66% stake. Applications were scaled back proportionately to achieve the intended ownership level.
NCBA shares were scheduled to be suspended from trading from around the close of business on October 21 until November 2 to allow reconciliation of the share register. The share transfer through a block trade on the NSE and settlement of payments to shareholders were scheduled to begin on November 3.
The public will retain its 34% holding, allowing NCBA to maintain its stock market listing while operating under Nedbank’s control.
The long-term significance of the transaction will depend on whether the combined banking platforms can translate their expanded reach into greater financing opportunities, stronger business connections and improved access to financial services across East Africa.
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