Nedbank seeks controlling stake in NCBA Group

Business
By Mate Tongola | Jan 21, 2026
The deal values NCBA at 1.4 times its book value, with shareholders receiving 20 per cent in cash.

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.

“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.

Share this story
Why blended finance is gaining traction in Kenya's search for sustainable funding
Across Africa, blended finance has been promoted as a response to a widening development financing gap, particularly in infrastructure and climate-related projects.
'We are coming for you,' Why KRA has suspended nil tax filings
KRA blocks nil tax filings until end of March to allow it to comb through data and convert nil filers and non-filers into taxpayers, Deputy Commissioner Njau says.
EAC launches first regional framework to strengthen pandemic preparedness
The instrument is designed to strengthen collective action against public health emergencies across the eight EAC Partner States.
Which Singapore? Controller of Budget downplays Ruto's dream
The Controller of Budget has watered down President Ruto’s Singapore dream, warning that the vision is unattainable as long as fiscal projections remain disconnected from citizens’ lived realities.
IMF to Kenya: Anti-corruption reforms key to new funding deal
IMF has released a long-awaited audit of Kenya’s corruption vulnerabilities, making its recommended reforms a central condition for resuming bailout talks with Kenyan government in February.
.
RECOMMENDED NEWS