- South Africa's Nedbank Group completed its acquisition of a controlling stake in NCBA Group PLC, with the offer declared unconditional from October 21, 2026
- Nedbank secured approximately 66% of NCBA's issued shares, amounting to over 1 billion shares in the Nairobi-listed lender
- Trading in NCBA shares on the Nairobi Securities Exchange was suspended from October 21 as the group prepares for settlement in November
South Africa's Nedbank Group Limited has finalised its acquisition of a controlling interest in Kenya's NCBA Group PLC, a lender widely associated with the Kenyatta family, marking one of the most significant cross-border banking deals in East Africa in recent years.
Source: Facebook
In a public announcement, Nedbank confirmed its offer had become unconditional after securing approximately 66% of NCBA's total issued shares, equivalent to 1,087,362,891 shares.
Trading in NCBA shares on the Nairobi Securities Exchange was suspended from October 21 and will remain halted until November 2, 2026, with the block trade and settlement scheduled for November 3, 2026.
Nedbank's African expansion strategy
Nedbank Group CEO Jason Quinn, who has led the bank since 2024, is spearheading the continental growth strategy that includes this Kenyan acquisition.
The deal represents a significant push beyond Nedbank's home market of South Africa, which currently accounts for 93.7% of the group's loans and advances.
Founded in 1888 in Amsterdam as the Nederlandsche Bank en Credietvereeniging voor Zuid-Afrika, Nedbank opened its first agency on Church Street in Pretoria in the same year, with a mandate to provide credit and banking services across South Africa.
The institution was renamed Nedbank Limited in 1971 and has since grown into one of South Africa's four largest banks, offering wholesale and retail banking alongside insurance, asset management, and wealth management services.
Nedbank's ownership and market standing
Nedbank Group is listed on the Johannesburg Stock Exchange under the ticker NED. As of September 2026, the group's market capitalisation stood at approximately KSh 947 billion (USD 7.3 billion), with roughly 75% of its shares held by institutional investors.
Its major shareholders include the Public Investment Corporation, which manages the Government Employees Pension Fund and holds approximately 16.74% of the group; Allan Gray Proprietary Ltd. at 10.31%; Standard Bank Group Limited at 5.94%; and BlackRock Inc. at 5.45%.
Old Mutual Life Assurance Company also holds a significant strategic stake, with Old Mutual and its associates owning 24.5% of total share capital as of 2019 disclosures.
The NCBA acquisition extends Nedbank's footprint into one of East Africa's most competitive banking markets, building on a legacy that now spans more than 135 years.
Capital Markets Authority approves NCBA buyout
The development comes after Kenya's Capital Markets Authority approved Nedbank Group’s acquisition of a 66% stake in NCBA, including the regulatory approvals and the remaining steps before the deal is completed.
The Kenyatta and Ndegwa families will give up their majority ownership of the lender but retain minority stakes.
The transaction is backed by 15 major shareholders who together hold 77.54% of NCBA.
Source: TUKO.co.ke