Nedbank seeks controlling stake in NCBA Group
Business
By
Mate Tongola
| Jan 21, 2026
South African lender Nedbank Group has launched a tender offer to acquire about 66 per cent of NCBA Group’s shares, potentially giving it a controlling stake in the Kenyan bank.
The remaining 34 per cent of NCBA shares would continue trading on the Nairobi Securities Exchange.
"The deal values NCBA at 1.4 times its book value, with shareholders receiving 20 per cent in cash and 80 per cent in Nedbank shares listed on the Johannesburg Stock Exchange," a statement from NCBA explained.
NCBA, with 122 branches across Kenya, Uganda, Tanzania, Rwanda, Ivory Coast, and Ghana, serves over 60 million customers.
On the other hand, Nedbank has operations across the region and offices in London, Dubai, the Isle of Man, and Jersey.
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“Nedbank is an ideal partner for our growth in East Africa. Their strong balance sheet will help us scale in current markets and explore opportunities in Ethiopia and DRC,” said NCBA Managing Director John Gachora.
The acquisition would allow NCBA to remain NSE-listed while retaining its brand, governance, operations, and management team.