{"id":882810,"date":"2026-11-05T14:44:00","date_gmt":"2026-11-05T12:44:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=882810"},"modified":"2026-11-05T14:44:25","modified_gmt":"2026-11-05T12:44:25","slug":"nedbank-officially-completes-r13-9-billion-acquisition-deal","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/882810\/nedbank-officially-completes-r13-9-billion-acquisition-deal\/","title":{"rendered":"Nedbank officially completes R13.9 billion acquisition"},"content":{"rendered":"\n

Nedbank has completed its acquisition of a 66% stake in NCBA, a Kenyan commercial bank, in a deal worth approximately R13.9 billion.<\/p>\n\n\n\n

The deal has been in the works for months, as the South African banking stalwart looks to expand to an international market.<\/p>\n\n\n\n

In an announcement published on the Stock Exchange News Service (SENS), the group confirmed that all conditions for the acquisition had been met.<\/p>\n\n\n\n

To complete the acquisition, Nedbank approached NCBA investors directly and offered to purchase their shares.<\/p>\n\n\n\n

NCBA shareholders were able to tender up to 66% of their stake in the company to Nedbank, while excess applications could be made subject to scaling and allocation mechanics.<\/p>\n\n\n\n

Ultimately, Nedbank purchased over 1.3 billion shares in the Kenyan bank, representing 79.88% of NCBA shares in issue.<\/p>\n\n\n\n

While Nedbank acquired over 66% of the company’s issued shares, its total ownership is reduced after scaling and allocation are taken into account.<\/p>\n\n\n\n

“Following the application of the scaling and allocation mechanics, Nedbank Group acquired 66% of the issued NCBA Shares,” Nedbank said.<\/p>\n\n\n\n

The cash portion of the transaction totalled R2.9 billion, while Nedbank issued roughly 43.6 million new shares to NCBA shareholders.<\/p>\n\n\n\n

At Nedbank’s closing share price of R286.82 on 4 November 2026, these new shares would be worth roughly R12.5 billion.<\/p>\n\n\n\n

When the deal was still subject to regulatory approvals, it was reportedly valued at<\/a> approximately R13.9 billion.<\/p>\n\n\n\n

Nedbank previously said the Kenyan Central Bank had welcomed the transaction, as it would enhance the country’s banking industry.<\/p>\n\n\n\n

\u201cThe Central Bank of Kenya welcomed the transaction, saying it would ensure continued stability, enhance the resilience of the Kenyan banking sector and promote competition,\u201d Nedbank said in a statement.<\/p>\n\n\n\n

For Nedbank, the deal represents a key step in increasing exposure to overseas markets and reducing its reliance on South Africa.<\/p>\n\n\n\n

Kenya is one of the largest economies in East Africa, giving Nedbank a strong footing in the area for further expansion.<\/p>\n\n\n\n

The stake in NCBA also gives Nedbank exposure to its operations in other countries, including Tanzania, Uganda, and Rwanda.<\/p>\n\n\n\n

In October, Nedbank CEO Jason Quinn said the deal was a major step in the bank’s plan to expand into the East African market.<\/p>\n\n\n\n

“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.<\/p>\n\n\n\n

“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.”<\/p>\n\n\n\n

In its announcement, Nedbank also reaffirmed that NCBA would continue to trade on the Nairobi Securities Exchange.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nedbank has completed its acquisition of a significant portion of NCBA in a deal valued at roughly R13.9 billion.<\/p>\n","protected":false},"author":131,"featured_media":812747,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"posted","_sma_x_autopost_error":"","_sma_x_post_id":"2118324711436230893","_sma_facebook_post_id":"191437357620492_2261816134638785","_sma_instagram_post_id":"17919904749465545","_sma_x_attempts":1,"footnotes":""},"categories":[9872],"tags":[21972,2412,24570,1799],"class_list":["post-882810","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-jason-quinn","tag-kenya","tag-ncba","tag-nedbank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/882810","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\/131"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=882810"}],"version-history":[{"count":20,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/882810\/revisions"}],"predecessor-version":[{"id":882839,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/882810\/revisions\/882839"}],"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=882810"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=882810"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=882810"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}