Nedbank Group Limited has received approval from the Central Bank of Kenya (CBK) to acquire up to 66 per cent of NCBA Group PLC, paving the way for a major change in the ownership of one of Kenya’s leading banking groups.
In a statement issued on Monday, CBK said it approved the proposed acquisition on August 28, 2026, under Section 13 (4) of the Banking Act.
The regulator noted that the approval allows Nedbank to proceed with plans to acquire a controlling stake in NCBA.
CBK said the acquisition will take effect once the transaction is completed in accordance with the terms agreed upon by Nedbank and NCBA.
The approval therefore clears an important regulatory step as the two financial institutions move towards completing the deal.
NCBA is listed on the Nairobi Securities Exchange and has grown into a regional financial services group with banking operations in Kenya, Uganda, Tanzania and Rwanda. The group also has a joint venture in Côte d’Ivoire.
Apart from traditional banking services, NCBA has expanded into other areas of financial services, including stock brokerage, insurance, investment banking and leasing. The planned acquisition could therefore give Nedbank a stronger presence in East Africa and expand its regional operations.
Nedbank Group is a public company incorporated and headquartered in South Africa. It is primarily listed on the Johannesburg Stock Exchange and also has a dual listing on the Namibia Securities Exchange.
The South African financial services group provides banking, investment, insurance and stockbroking services.
It also operates in other Southern African markets through subsidiaries and banking operations in Lesotho, Mozambique, Namibia, Eswatini and Zimbabwe.
CBK said the transaction is expected to support the stability of Kenya’s banking sector while improving its ability to withstand future challenges.
The regulator also said the deal could encourage greater competition within the banking industry.
The proposed acquisition will see Nedbank seek up to 66 per cent of NCBA’s issued share capital. However, the transaction remains subject to completion by the two parties in line with the agreed terms.
The CBK approval marks a significant step in Nedbank’s efforts to expand its footprint in Kenya and the wider region through a stake in NCBA.
