Nedbank completes purchase of 66% stake in Kenya's NCBA; NCBA shares to be suspended from 21 October

South Africa's Nedbank Group has completed the purchase of a 66% controlling stake in Kenya's NCBA Group after receiving all required regulatory approvals, NCBA said on 19 October 2026. NCBA is now a subsidiary of the Johannesburg-listed bank, The Star and the Kenyan technology news site TechTrends Kenya reported.

Trading in NCBA shares on the Nairobi Securities Exchange (NSE) will be suspended from about the close of business on 21 October until 2 November so the share register can be reconciled, NCBA said in its announcement. On 3 November the shares will transfer to Nedbank through a block trade on the NSE, and payment to tendering shareholders in Nedbank shares and cash starts the same day.

The Star put the deal at about 13.9 billion South African rand, roughly KSh 110 billion. Payment is 80% in newly issued Nedbank shares and 20% in cash, and the offer is equivalent to about KSh 105 for each NCBA share. At 0.0514 yuan to the shilling (xe.com mid-market rate, 20 October 2026), KSh 110 billion is about 5.66 billion yuan and KSh 105 is about 5.4 yuan. The value of the share component depends on Nedbank's share price.

The offer closed on 10 July. Shareholders tendered 1.316 billion NCBA shares, or 79.9% of the shares in issue, and the applications were scaled back pro rata to reach the 66% Nedbank sought.

In its 21 July offer-results announcement on the Johannesburg Stock Exchange, Nedbank said it would issue about 43,626,646 new Nedbank shares and make a cash payment of about KSh 23,237,797,720. Nedbank's investor FAQ gives the terms per 100 NCBA shares as KSh 2,100 in cash plus 4.02994 Nedbank ordinary shares.

The remaining 34% of NCBA stays with public shareholders, and NCBA remains listed on the NSE. The bank keeps its brand, local management and Nairobi headquarters. NCBA said branches, products and digital channels continue to operate as usual.

NCBA Group Managing Director John Gachora said, as quoted by The Star: "The name is the same, the people are the same, but the ambition and capabilities are tremendously magnified." Nedbank Chief Executive Jason Quinn said the deal marks "a decisive step forward" in the group's African growth strategy, as quoted by TechTrends Kenya.

NCBA's net profit for 2025 was KSh 23.4 billion, up 7% from KSh 21.9 billion in 2024. Total assets rose 8% to KSh 716 billion, customer deposits rose 6% to KSh 532 billion and operating income rose 17% to KSh 73.3 billion. NCBA is Kenya's fourth-largest bank by assets.

NCBA disbursed KSh 1.4 trillion in digital loans in 2025, up 33%, and digital business made up 32% of group profitability. It has held more than 30% of the asset finance market since 2020.

Outside South Africa, Nedbank operates in southern African countries including Namibia, Zimbabwe, Mozambique, Lesotho and Eswatini, and it has offshore centres in London, Dubai, the Isle of Man and Jersey. The Star said the NCBA purchase gives it an East African platform without building a network from scratch.