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.
READ MORE
How NARC resuscitated imperial presidency that Kenyans loathed
KNEC opens KCSE registration for 8-4-4 candidates
Family calls for justice over woman's murder
How Kenya missed out on Sh125b World Bank project
From austerity to handouts: Ruto's Sh4.7tr pre-election budget to appease Kenyans
Kenya's school categorisation gives us a false sense of unity
TSC Amendment Bill, 2024: What MPs want
No exam retake: It's do or die for Form Three class as 8-4-4 ends
“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.