Nedbank Group of South Africa has completed its acquisition of a 66% controlling stake in NCBA Group, establishing a significant banking presence across East Africa and Rwanda. NCBA announced the completion on October 19 following receipt of required regulatory approvals, making NCBA a subsidiary of Nedbank while 34% of shares remain held by public investors and traded on the Nairobi Securities Exchange.
The transaction was valued at approximately 13.9 billion South African rand, equivalent to roughly $850 million at the time Nedbank announced its intention to acquire the stake on January 21, 2026. The offer closed on July 10, with NCBA shareholders tendering 79.9% of the group's issued shares, exceeding Nedbank's target. Shareholders participating in the offer are to receive 20% of their consideration in cash and 80% in new Nedbank shares.
NCBA operates across Kenya, Uganda, Tanzania, Rwanda, Ivory Coast and Ghana, serving more than 60 million customers through 122 branches. The acquisition gives Nedbank, which is headquartered in South Africa with operations across Southern Africa and international offices in London, Dubai, the Isle of Man and Jersey, a platform for expansion into East Africa. NCBA's regional network, digital banking services, asset financing and investment banking capabilities are expected to support Nedbank's growth strategy.
The transaction follows a visit to Kigali in April by senior executives from both groups, who held meetings with the National Bank of Rwanda and Rwanda's Finance Ministry. Nedbank Chief Executive Jason Quinn led the delegation that met National Bank of Rwanda Governor Soraya Hakuziyaremye and Finance Minister Yusuf Murangwa on April 1. The meetings focused on investment, financial innovation and opportunities to support Rwanda's economic growth.
NCBA has said it will retain its brand, local leadership, Nairobi headquarters and customer-facing operating model. Its products, branches, digital channels and day-to-day banking arrangements will remain unchanged. Chief Executive John Gachora said the partnership would help the group pursue opportunities across East Africa and expand its range of financial products. Nedbank Chief Executive Quinn said the acquisition supports the South African lender's strategy of connecting financial services markets across the continent.
NCBA shares are scheduled to be suspended from trading from October 21 until November 2 to allow reconciliation of the share register. The transfer of shares and settlement are scheduled for November 3. For Rwandan savers and businesses, the acquisition means NCBA Bank Rwanda is now part of a larger South African financial services group with capabilities in corporate banking, investment banking and cross-border transactions.