Nedbank Gains Regulatory Nod to Acquire Majority Stake in NCBA Group

The Central Bank of Kenya (CBK) has granted approval for Nedbank Group Limited to acquire up to 66% of the issued share capital of NCBA Group PLC, a leading financial services provider in East Africa. This pivotal decision, announced on August 28, 2026, marks a significant expansion for Nedbank into one of Africa’s most dynamic markets.

NCBA Group was formed in 2019 through the merger of NIC Group and CBA, creating a pan-East African financial powerhouse with operations in Kenya, Uganda, Tanzania, Rwanda, and Côte d’Ivoire. The group offers diverse services including banking, insurance, investment, stock brokerage, and leasing.

For Nedbank, this acquisition represents a strategic opportunity to integrate NCBA’s established regional network with its own footprint primarily concentrated in Southern Africa. Headquartered in South Africa, Nedbank operates across multiple African countries including Lesotho, Mozambique, Namibia, Eswatini, and Zimbabwe.

The CBK has expressed support for the deal, citing its potential to strengthen competition and enhance stability within Kenya’s banking sector. The final transaction is contingent upon all agreed terms being met between both parties.

This acquisition aligns with a broader trend of consolidation in Africa’s financial services industry as established players seek to expand their regional presence through strategic acquisitions. By joining forces, Nedbank and NCBA aim to create a more resilient and competitive financial institution serving customers across multiple markets.