{"id":848512,"date":"2026-01-21T18:37:27","date_gmt":"2026-01-21T16:37:27","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=848512"},"modified":"2026-01-21T18:37:33","modified_gmt":"2026-01-21T16:37:33","slug":"south-african-banking-giant-buying-international-company-for-r13-9-billion","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/848512\/south-african-banking-giant-buying-international-company-for-r13-9-billion\/","title":{"rendered":"South African banking giant buying international company for R13.9 billion"},"content":{"rendered":"\n

South African banking group Nedbank has announced an offer to acquire a majority stake\u2014around 66%\u2014in Kenya’s NCBA Group for R13.9 billion.<\/p>\n\n\n\n

NCBA is one of East Africa\u2019s leading financial services groups, and, if approved, will become a subsidiary of its new South African parent.<\/p>\n\n\n\n

The remaining 34% of NCBA shares will continue to trade publicly on the Nairobi Securities Exchange (NSE), Nedbank said.<\/p>\n\n\n\n

The total purchase consideration for the deal, around R13.9 billion, is based on the Nedbank issue price of R250.00 per share.<\/p>\n\n\n\n

The proposed deal will be structured as a 20% cash portion and 80% new Nedbank ordinary shares listed on the Johannesburg Stock Exchange (JSE).<\/p>\n\n\n\n

Nedbank Group CEO Jason Quinn said the proposed acquisition aligns with the bank’s strategy to grow its southern and East African footprint.<\/p>\n\n\n\n

\u201cThe 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.<\/p>\n\n\n\n

This would complement Nedbank\u2019s Corporate and Investment Banking expertise, cross\u2010border structuring capabilities, and strong balance sheet. <\/p>\n\n\n\n

“By combining NCBA\u2019s substantial local presence and Nedbank\u2019s capital base, expertise and enduring commitment to Africa, we see a compelling platform for sustainable growth in the region.\u201d<\/p>\n\n\n\n

Nedbank said that East Africa is a region of significant strategic importance, with strong macroeconomic fundamentals.<\/p>\n\n\n\n

The region has a sizeable economy and a large and growing population, with attractive growth prospects.<\/p>\n\n\n\n

It is also the primary trade corridor linking Africa with the Middle East, India, and Asia\u2014all supported by a robust regulatory environment and a relatively stable operating environment.<\/p>\n\n\n\n

Nedbank’s target<\/h2>\n\n\n\n
\"\"<\/a>
Nedbank CEO, Jason Quinn<\/figcaption><\/figure>\n\n\n\n

NCBA is headquartered in Nairobi and operates across Kenya, Uganda, Tanzania, Rwanda, and
offers digital banking services in Ghana and the Ivory Coast. <\/p>\n\n\n\n

The group was formed in 2019 through the merger of NIC Group PLC and Commercial Bank of Africa Limited.<\/p>\n\n\n\n

It currently has more than 60 million customers, 120 branches and a strong digital lending franchise and regional network. <\/p>\n\n\n\n

Notably, the bank was rumoured to be an acquisition target of another South African bank in the last months of 2025.<\/p>\n\n\n\n

At the time, it was reported that NCBA was in merger talks with Standard Bank, sending the group’s share price surging.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

The Nedbank transaction is subject to approvals and is expected to be concluded by the third quarter of 2026.<\/p>\n\n\n\n

Should the transaction go through, Nedbank said that NCBA will remain independently governed and retain its brand, local leadership team and NSE listing. <\/p>\n\n\n\n

“As Nedbank currently operates only a representative office in the region, no in\u2010country operational integration is required,” it said.<\/p>\n","protected":false},"excerpt":{"rendered":"

South African banking group Nedbank has announced an offer to acquire a majority stake in Kenya’s NCBA Group for R13.9 billion.<\/p>\n","protected":false},"author":10,"featured_media":812747,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[24570,1799],"class_list":["post-848512","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-ncba","tag-nedbank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/848512","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=848512"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/848512\/revisions"}],"predecessor-version":[{"id":848513,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/848512\/revisions\/848513"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/812747"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=848512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=848512"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=848512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}