The transaction, announced on October 19, 2026, follows the receipt of the required regulatory approvals and makes NCBA a subsidiary of Nedbank.

NCBA will remain listed on the Nairobi Securities Exchange (NSE), with the public holding the remaining 34% of its issued shares.

NCBA operates in six African markets: Kenya, Uganda, Tanzania, Rwanda, Côte d’Ivoire and Ghana. The group serves more than 60 million customers through 122 branches.

Nedbank, which is headquartered in South Africa and listed on the Johannesburg Stock Exchange and the Namibia Securities Exchange, has operations across Southern Africa, including Namibia, Zimbabwe, Mozambique, Lesotho and Eswatini. It also operates offshore centres in London, Dubai, the Isle of Man and Jersey.

Through the acquisition, Nedbank is expanding into East Africa, with ambitions to extend its presence across the wider region.

Kenya’s position as a financial hub, supported by established institutions, developed capital markets and a dynamic technology sector, provides a strategic entry point for Nedbank. NCBA brings a strong market reputation, digital banking capabilities, expertise in asset finance and investment banking, and an established regional network.

Together, the two financial services groups aim to support trade, enterprise growth and investment across East and Southern Africa.

NCBA assures customers of business continuity

NCBA has assured customers and employees that its operations will continue as usual following the transaction.

The bank will retain its brand, local leadership, Nairobi headquarters and customer-facing operating model. Its products, services, relationship teams, branches, digital channels and day-to-day banking arrangements will remain unchanged.

The transaction is expected to create opportunities to introduce broader banking capabilities, strengthen cross-border solutions and expand access to expertise available through Nedbank.

NCBA said the acquisition would also create opportunities for employees through skills development, knowledge sharing, innovation and career growth across a larger African financial services network.

Shareholders tendered nearly 80% of NCBA shares

According to the announcement, NCBA shareholders tendered 1,316,357,895 shares during the offer period, which closed on July 10, 2026. The shares represented 79.90% of the group's issued shares, exceeding Nedbank's target of acquiring a 66% stake.

Applications were scaled back on a pro-rata basis in line with the terms of the offer to bring Nedbank's eventual shareholding to approximately 66%.

NCBA shares are scheduled to be suspended from trading from around the close of business on October 21 until the close of business on November 2, 2026, to allow for reconciliation of the share register.

The transfer of shares to Nedbank will be conducted through a block trade on the Nairobi Securities Exchange on November 3, 2026. Settlement of Nedbank shares and the dispatch of cash payments to NCBA shareholders are also scheduled to begin on that date.

Leaders welcome the transaction

NCBA Group Managing Director and Chief Executive Officer John Gachora described the transaction as an endorsement of the bank's business, employees and markets.

“This is a proud moment for NCBA and a powerful endorsement of the strength of our business, our people and the markets we serve. NCBA has built a strong East African brand anchored on customer centricity and innovation,” he said.

“With the backing of Nedbank, we are now poised to boldly go after opportunities across the East African region, expand our footprint and bring to market a more sophisticated set of products. The name is the same, the people are the same, but the ambition and capabilities are tremendously magnified. This next phase in the chapter of NCBA will be one to watch.”

Nedbank Group Chief Executive Jason Quinn said the acquisition would strengthen the group's presence in East Africa and advance its African growth strategy.

“This landmark transaction establishes a significant presence for Nedbank in East Africa and marks a decisive step forward in our African growth strategy,” he said.

“By connecting two strong banking platforms across Southern and East Africa, we are creating new opportunities for our clients and shareholders, while supporting greater trade, investment and growth across the continent. We are proud to welcome NCBA to the Nedbank Group.”

About NCBA Group PLC

NCBA is a full-service banking group providing a broad range of financial products and services to Corporate, Institutional, SME and Consumer banking customers. NCBA operates a network of 122 branches across five countries, including Kenya, Uganda, Tanzania, Rwanda, and the Ivory Coast.

Serving over 60 million customers, NCBA is the largest banking group in Africa by customer numbers. NCBA Bank Kenya is among the leading banks by assets. The Group continues to play a key role in empowering Africa’s economic ambitions. NCBA is a Market Leader in Corporate Banking, Asset Finance, and Digital Banking.