NCBA has announced the successful completion of Nedbank Group Limited’s strategic investment through the acquisition of a 66 per cent controlling stake, marking a landmark transaction for East Africa’s financial services sector.
The completion follows receipt of the required regulatory approvals and results in NCBA becoming a subsidiary of Nedbank. NCBA will continue being listed on the Nairobi Securities Exchange (NSE), with the remaining 34 per cent of the issued shares being held by the public.
How NCBA-Nedbank deal strengthens East Africa’s financial services sector
NCBA operates across six markets in Africa: Kenya, Uganda, Tanzania, Rwanda, Ivory Coast and Ghana, serving over 60 million customers through 122 branches.
Meanwhile, South Africa-headquartered Nedbank, which is listed on the Johannesburg Securities Exchange (JSE) and the Namibia Securities Exchange, has physical operations across Southern Africa including in Namibia, Zimbabwe, Mozambique, Lesotho and Eswatini as well as offshore centres in London, Dubai, the Isle of Man and Jersey.
Through this investment in NCBA, Nedbank will expand into the high-growth East African market with ambitions to extend the brand into the wider region.
Kenya’s position as a financial hub, supported by strong institutions, advanced capital markets and a dynamic technology sector, provides a strategic entry point for Nedbank, while NCBA’s strong market reputation, digital banking capabilities, asset finance leadership, investment banking expertise and regional network make it a compelling partner.
Together, the two leading and highly regarded African financial services institutions are well placed to support trade, enterprise growth, and investment across one of Africa’s fastest-growing and most dynamic regions.
Will NCBA and Nedbank employees be affected by new deal?
NCBA’s employees and customers can be assured that business will continue as usual. NCBA Group will retain its trusted brand, local leadership, Nairobi headquarters and customer-facing operating model.
Products, services, relationship teams, branches, digital channels and day-to-day banking arrangements remain unchanged. The transaction is designed to enhance, not disrupt customer experience, with opportunities to introduce broader capabilities, stronger cross-border solutions and deeper sector expertise that is available through Nedbank.
For employees, the transaction marks the beginning of a new chapter of growth opportunities.
Commenting on the milestone, NCBA Group Managing Director and Chief Executive Officer John Gachora said: “This is a proud moment for NCBA and a powerful endorsement of the strength of our business, our people and the markets we serve. NCBA has built a strong East African brand anchored on customer centricity and innovation.”
“With the backing of Nedbank, we are now poised to boldly go after opportunities across the East African region, expand our footprint and bring to market a more sophisticated set of products. The name is the same, the people are the same, but the ambition and capabilities are tremendously magnified. This next phase in the chapter of NCBA will be one to watch,” he added.
Nedbank Group Limited Chief Executive Jason Quinn said: “This landmark transaction establishes a significant presence for Nedbank in East Africa and marks a decisive step forward in our African growth strategy. By connecting two strong banking platforms across Southern and East Africa, we are creating new opportunities for our clients and shareholders, while supporting greater trade, investment and growth across the continent. We are proud to welcome NCBA to the Nedbank Group.”
