Nedbank completes landmark NCBA deal, securing major East African foothold
Johannesburg, South Africa, 19 October 2026
Nedbank Group Limited today announced that its proposed acquisition of approximately 66% shareholding in NCBA Group PLC (NCBA) is complete making NCBA a subsidiary of Nedbank.
Nedbank Group CE Jason Quinn described the deal as the start of a new chapter and a major milestone for both organisations.
“This landmark transaction establishes a significant presence for Nedbank in East Africa and marks a decisive step forward in our African growth strategy. 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. We are proud to welcome NCBA to the Nedbank Group.”
NCBA will continue to be listed on the Nairobi Securities Exchange, remain independently governed and retain its trusted brand and local leadership team. “The business will remain locally anchored and locally led, while gaining the scale, expertise and investment capacity to support further innovation, enhanced client service and solutions, career growth and broader economic opportunity across the region.” added Quinn. As Nedbank currently operates only a representative office in the region, no in-country operational integration is required.
NCBA Group Chief Executive Officer John Gachora said: “This is a proud moment for NCBA and a powerful endorsement of the strength of our business, our people and the markets we serve. NCBA has built a strong East African brand anchored on customer centricity and innovation. With the backing of Nedbank, we are now poised to boldly go after opportunities across the East African region, expand our footprint and bring to market a more sophisticated set of products. The name is the same, the people are the same, but the ambition and capabilities are tremendously magnified. This next phase in the chapter of NCBA, as a Nedbank company, will be one to watch.”
Shareholders representing 79.9% of NCBA’s shares in issue accepted the offer. Under the terms of the transaction, eligible NCBA shareholders who accepted the offer will receive consideration according to their applicable settlement option. Some shareholders will receive a combination of new Nedbank Group ordinary shares and cash, while others will receive cash only.
The transaction advances Nedbank’s African strategy by adding scale and diversification in high-growth East African markets, with Kenya serving as a regional financial hub and gateway to long-term value creation.
Issued by Nedbank Integrated Communications
Email: nedbankmedia@nedbank.co.za
Annaleigh Vallie
Phone: +27 (0)66 479 0936
Email: annaleighv@nedbank.co.za
Joanne Isaacs
Phone: +27 (0)78 800 4989
Email: joannei@nedbank.co.za
About Nedbank Group
Nedbank Group is a bank holding company listed on the JSE Limited, with a market capitalisation of R129bn at 30 June 2026. Nedbank is one of Africa’s largest banking groups, with operations in South Africa, Namibia, Eswatini, Mozambique, Lesotho, Zimbabwe, and with the acquisition of NCBA as of October 2026, Kenya, Uganda, Tanzania, Rwanda, and the Ivory Coast. As well as offshore presence in the Isle of Man and Jersey, Nedbank also provides international banking services for SA-based multinational and high-net-worth clients in London and Dubai. The group is a diversified financial services provider, offering a wide range of wholesale and retail banking and financial services to more than 8 million clients. Nedbank has maintained its level 1 BBBEE status for the past 8 years and rates in the top quartile of local and international banks on ESG scores.
About NCBA Group PLC
NCBA is a full-service banking group providing a broad range of financial products and services to Corporate, Institutional, SME and Consumer banking customers. NCBA operates a network of 122 branches across five countries, including Kenya, Uganda, Tanzania, Rwanda, and the Ivory Coast. Serving over 60 million customers, NCBA is the largest banking group in Africa by customer numbers. NCBA Bank Kenya is among the leading banks by assets. The Group continues to play a key role in empowering Africa’s economic ambitions. NCBA is a Market Leader in corporate banking, asset finance, and Digital Banking.
