NAIROBI, Kenya – The Central Bank of Kenya (CBK) has approved Nedbank Group Limited’s acquisition of up to 66 per cent of the issued share capital of NCBA Group PLC, paving the way for a major change in the ownership of one of East Africa’s leading financial services groups.
CBK said the approval was granted on August 28, 2026, under Section 13(4) of the Banking Act.
The acquisition will take effect once the transaction is completed in accordance with the terms of the agreement between Nedbank and NCBA.
Nedbank to take major stake in NCBA
According to the CBK, Nedbank has received approval to acquire up to 66 per cent of NCBA Group’s issued share capital.
The transaction represents a significant development in Kenya’s banking sector and will bring the South African financial services group into a major ownership position in NCBA.
CBK said it welcomes the transaction, noting that it is expected to support stability and resilience in the Kenyan banking sector while promoting competition.
The regulator said the acquisition is subject to completion of the transaction under the agreement between the two parties.
NCBA’s regional footprint
NCBA Group is a diversified financial services conglomerate headquartered in Nairobi.
The group was formed in 2019 following the merger of NIC Group and Commercial Bank of Africa (CBA).
NCBA is listed on the Nairobi Securities Exchange (NSE) and has expanded its operations beyond Kenya.
The group owns banking subsidiaries in Uganda, Tanzania and Rwanda, as well as a joint venture in Côte d’Ivoire.
Its businesses also extend beyond traditional banking into areas including:
- Stock brokerage
- Insurance
- Investment banking
- Leasing
The regional footprint makes the transaction significant not only for Kenya but also for financial markets across East Africa.
Who is Nedbank?
Nedbank Group Limited is a South African publicly listed financial services company.
Nedbank provides a range of financial services, including banking, investment, insurance and stockbroking.
Its operations extend into several other Southern African markets through subsidiaries and banking operations in Lesotho, Mozambique, Namibia, Eswatini and Zimbabwe.
The NCBA transaction would therefore expand Nedbank’s presence into East Africa through one of the region’s established banking groups.
CBK welcomes the transaction
CBK said it supports the acquisition because it expects the transaction to contribute to the stability and resilience of Kenya’s banking sector.
The regulator also said the deal would promote competition within the sector.
The approval follows CBK’s assessment of the proposed acquisition under the Banking Act.
However, the regulator made clear that approval does not itself complete the transaction.
The acquisition will only take effect once the parties complete the transaction in accordance with their agreement.
