Nedbank Submits Offer to Acquire 66% Stake in NCBA Group for R13.9bn

Nedbank Group Limited  announced that it has submitted an offer to acquire c.66% of NCBA Group PLC , one of East Africa’s leading financial services groups, for a total purchase consideration of around R13,9bn based on the Nedbank issue price of ZAR 250.00 per share.

The successful completion of the transaction will result in NCBA becoming a subsidiary of Nedbank, while the remaining 34% of NCBA shares will continue to trade publicly on the Nairobi Securities Exchange (NSE). The proposed consideration will be structured as 20% cash portion and 80% new Nedbank ordinary shares listed on the Johannesburg Stock Exchange (JSE).

Nedbank Group CE Jason Quinn said the proposed acquisition represents a milestone in Nedbank’s strategy to grow Nedbank’s southern and East African footprint.

“The proposed deal brings together two organisations with highly complementary strengths. NCBA offers a strong brand presence, an extensive regional network, advanced digital capabilities and deep customer reach which naturally aligns with Nedbank’s established Corporate and Investment Banking expertise, cross‑border structuring capabilities, and strong balance sheet. By combining NCBA’s substantial local presence and Nedbank’s capital base, expertise and enduring commitment to Africa, we see a compelling platform for sustainable growth in the region.”

– Jason Quinn, Group CE, Nedbank 

Nedbank Group has identified East Africa as a region of significant strategic importance, underpinned by strong macroeconomic fundamentals; the size of its economy; a large and growing population; attractive growth prospects; and the primary trade corridor that links Africa with the Middle East, India and Asia, all supported by a robust regulatory environment and relatively stable operating environment.

“We look forward to building a partnership that supports NCBA’s and our clients’ growth trajectories. This will further support economic development across the region while delivering attractive returns for all shareholders.”

– Jason Quinn, Group CE, Nedbank 

NCBA will remain independently governed and retain its brand, local leadership team and NSE listing. As Nedbank currently operates only a representative office in the region, no in‑country operational integration is required.

NCBA, headquartered in Nairobi, operates across Kenya, Uganda, Tanzania, Rwanda, and offers digital banking services in Ghana and Ivory Coast. Formed in 2019 through the merger of NIC Group PLC and Commercial Bank of Africa Limited, NCBA serves more than 60 million customers and has 122 branches, a strong digital lending franchise and a robust

regional network. It has an established reputation for innovation, advanced digital banking services, excellence in asset finance, investment banking expertise and a strong regional presence. NCBA now manages KES 665 billion (c. ZAR 84.4bn) in assets, disburses more than KES 1 trillion (c. ZAR 126.9bn) in digital loans annually, and has delivered an average return on equity of approximately 19% since 2021.

The transaction is subject to approvals and is expected to be concluded by the third quarter of 2026.