Nedbank completes acquisition of 66% stake in Kenya’s NCBA Group

South Africa’s Nedbank Group has finalized its acquisition of a 66% controlling stake in Kenya-based NCBA Group. The transaction, which received all necessary regulatory approvals, establishes NCBA as a subsidiary of Nedbank while allowing the Kenyan lender to maintain its listing on the Nairobi Securities Exchange.

The deal provides Nedbank with a strategic entry point into East Africa, granting access to markets including Kenya, Uganda, Tanzania, Rwanda, and Ivory Coast. Through NCBA’s network, Nedbank extends its total presence to 12 African countries. NCBA serves over 60 million customers through 122 branches.

NCBA will retain its brand, local management, and governance structure. According to Nedbank CEO Jason Quinn, the partnership aims to support trade and investment across the continent. NCBA CEO John Gachora noted that the transaction would magnify the lender’s capabilities and strengthen its ability to pursue regional opportunities.