Nedbank announced on Monday, October 19, that its acquisition offer of approximately 66% of the capital of NCBA Group, a Kenyan banking group, became unconditional on October 15. The transfer of shares and the settlement of the transaction are scheduled for November 3, according to the communicated schedule.
The operation, announced in January 2026, is valued at approximately 13.9 billion rand, or nearly 856 million dollars. It is intended to allow the South African group to take a majority stake in NCBA, present notably in Kenya and several other East African markets.
The Central Bank of Kenya had approved the transaction on August 28. The removal of the last conditions is an additional step towards its finalization: it does not mean that the transfer of shares has already taken place.
This acquisition is part of Nedbank’s regional activities development and strengthens its presence in the East African banking sector. For NCBA, the operation results in the entry of the South African institution as a majority shareholder.
The final completion is expected in early November, subject to the compliance with the schedule announced by both groups.
