South African financial services group Nedbank has completed its acquisition of a 66% controlling stake in NCBA Group, one of East Africa's major banking groups, following receipt of all required regulatory approvals. NCBA will become a subsidiary of Nedbank Group Limited, though it will remain listed on the Nairobi Securities Exchange with public shareholders holding the remaining 34% of the bank.
The transaction gives Nedbank a significant presence across East Africa. NCBA operates in six African countries: Kenya, Uganda, Tanzania, Rwanda, Ivory Coast and Ghana, serving more than 60 million customers through 122 branches alongside digital banking platforms and specialised financial services. For Nedbank, headquartered in South Africa with operations in Southern Africa, the international presence extends to London, Dubai, the Isle of Man and Jersey. The acquisition is expected to connect Nedbank's Southern African operations with NCBA's East African network, creating opportunities for cross-border banking and investment.
NCBA said the acquisition would not disrupt its day-to-day operations. The bank will retain its brand, Nairobi headquarters, local leadership and customer-facing operating model. Existing products and services, branches, digital banking channels and routine banking arrangements will remain unchanged. NCBA Group Managing Director and Chief Executive Officer John Gachora said the transaction demonstrated confidence in the bank. He stated that Nedbank's backing would strengthen NCBA's ability to pursue regional opportunities and introduce more sophisticated financial products, saying the name and people would remain the same but ambition and capabilities would be magnified.
NCBA shareholders showed strong support for the offer. Following the closure of the offer period on July 10, 2026, shareholders tendered 1,316,357,895 shares, representing 79.90% of the bank's issued shares. This exceeded Nedbank's target of acquiring a 66% stake, resulting in a proportional scale-back of excess applications. Nedbank Group Chief Executive Jason Quinn described the investment as a decisive step forward in the lender's African growth strategy.
For savers, borrowers and businesses in Uganda and across East Africa, the combination of banking networks could improve cross-border transaction capabilities and access to financing for companies seeking regional expansion. NCBA shares are scheduled to be suspended from trading from October 21, 2026, until November 2, 2026, to allow reconciliation of the share register. The transfer of shares through a block trade on the NSE is scheduled for November 3, 2026, with settlement expected to begin the same day.