CBK Approves Nedbank’s Acquisition of Up to 66% Stake in NCBA Group

The Central Bank of Kenya (CBK)  has approved the acquisition of up to 66 percent of the issued share capital of NCBA Group PLC  by South African financial services company Nedbank Group Limited. 

According to a CBK press release dated August 31, 2026, the approval was granted on August 28, 2026, under Section 13(4) of the Banking Act.

The acquisition will take effect once the transaction is completed in accordance with the term agreed between the two parties.

NCBA Group is an East African financial services conglomerate headquartered in Nairobi, Kenya. The group was formed in 2019 following the merger of NIC Group and Commercial Bank of Africa (CBA). It is listed on the Nairobi Securities Exchange and operates banking subsidiaries in Kenya, Uganda, Tanzania and Rwanda, alongside a joint venture in Côte d’Ivoire.

The group has also diversified into stock brokerage, insurance, investment banking and leasing.

Nedbank Group, meanwhile, is a South African publicly listed financial services provider headquartered in South Africa. It is primarily listed on the Johannesburg Stock Exchange and has a dual listing on the Namibia Securities Exchange. The group provides banking, investment, insurance and stockbroking services and operates across Lesotho, Mozambique, Namibia, Eswatini and Zimbabwe.

CBK said it welcomed the transaction, noting that it is expected to support continued stability, strengthen the resilience of Kenya’s banking sector and promote competition.

The proposed acquisition represents a significant development in Kenya’s banking sector and further expands the footprint of South African financial institutions in East Africa.