South African banking giant buying international company for R13.9 billion
South African banking group Nedbank has announced an offer to acquire a majority stake—around 66%—in Kenya’s NCBA Group for R13.9 billion.
NCBA is one of East Africa’s leading financial services groups, and, if approved, will become a subsidiary of its new South African parent.
The remaining 34% of NCBA shares will continue to trade publicly on the Nairobi Securities Exchange (NSE), Nedbank said.
The total purchase consideration for the deal, around R13.9 billion, is based on the Nedbank issue price of R250.00 per share.
The proposed deal will be structured as a 20% cash portion and 80% new Nedbank ordinary shares listed on the Johannesburg Stock Exchange (JSE).
Nedbank Group CEO Jason Quinn said the proposed acquisition aligns with the bank’s strategy to grow its southern and East African footprint.
“The proposed deal brings together two organisations with highly complementary strengths. NCBA offers a strong brand presence, an extensive regional network, advanced digital capabilities and deep customer reach,” Quinn said.
This would complement Nedbank’s Corporate and Investment Banking expertise, cross‐border structuring capabilities, and strong balance sheet.
“By combining NCBA’s substantial local presence and Nedbank’s capital base, expertise and enduring commitment to Africa, we see a compelling platform for sustainable growth in the region.”
Nedbank said that East Africa is a region of significant strategic importance, with strong macroeconomic fundamentals.
The region has a sizeable economy and a large and growing population, with attractive growth prospects.
It is also the primary trade corridor linking Africa with the Middle East, India, and Asia—all supported by a robust regulatory environment and a relatively stable operating environment.
Nedbank’s target
NCBA is headquartered in Nairobi and operates across Kenya, Uganda, Tanzania, Rwanda, and
offers digital banking services in Ghana and the Ivory Coast.
The group was formed in 2019 through the merger of NIC Group PLC and Commercial Bank of Africa Limited.
It currently has more than 60 million customers, 120 branches and a strong digital lending franchise and regional network.
Notably, the bank was rumoured to be an acquisition target of another South African bank in the last months of 2025.
At the time, it was reported that NCBA was in merger talks with Standard Bank, sending the group’s share price surging.
Financially, the NCBA manages around R84 billion in assets, disburses more than R126.9 billion in digital loans annually, and has delivered an average return on equity of approximately 19% since 2021.
The Nedbank transaction is subject to approvals and is expected to be concluded by the third quarter of 2026.
Should the transaction go through, Nedbank said that NCBA will remain independently governed and retain its brand, local leadership team and NSE listing.
“As Nedbank currently operates only a representative office in the region, no in‐country operational integration is required,” it said.
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