NAIROBI, Kenya — NCBA Group PLC has confirmed that it has received a formal acquisition offer from South Africa’s Nedbank Group Limited, bringing to an end months of market speculation over the future ownership of one of Kenya’s largest banking groups.
In a statement, NCBA disclosed that Nedbank is seeking to acquire up to 66pc of the issued share capital of the Nairobi Securities Exchange-listed lender through a structured tender offer.
The transaction would value NCBA at approximately 1.4 times its book value, subject to regulatory approvals and shareholder consent.
Under the proposed deal structure, NCBA said shareholders who participate in the offer would receive 20pc of the consideration in cash, with the remaining 80pc paid through the issuance of Nedbank ordinary shares listed on the Johannesburg Stock Exchange (JSE).
The balance of 34pc of NCBA shares would continue to trade on the NSE following completion of the transaction.
Nedbank Group Limited is one of South Africa’s largest financial institutions and is listed on the JSE. The lender has operations across Southern Africa and a growing footprint in selected international markets, with interests spanning retail, corporate, investment, and wealth banking.
NCBA said the offer, if completed, would position the bank within a larger pan-African banking network while preserving its local market presence.
The group emphasised that discussions remain at an early stage and that the proposed transaction is subject to approvals from regulators in Kenya and South Africa, including the Central Bank of Kenya and the Competition Authority of Kenya.
NCBA Group was formed in 2019 through the merger of NIC Bank and Commercial Bank of Africa (CBA), creating one of the region’s largest banking franchises by assets.
The group operates in Kenya, Tanzania, Uganda, Rwanda, and Côte d’Ivoire, and has a strong footprint in corporate banking, retail lending, and mobile-based financial services.
If successful, the acquisition would mark one of the most significant cross-border banking transactions involving a Kenyan lender in recent years.
It would also deepen South African banking interests in East Africa, where institutions are increasingly competing for regional trade, infrastructure financing, and multinational clients.
NCBA said it will issue further updates as discussions progress and advised shareholders to exercise caution when dealing in the company’s shares until more details are made public.
