Nedbank Group filed a public notice on 21 January 2026 announcing its intention to acquire approximately 66% of the issued share capital of Kenya's NCBA Group. The offer is structured as a combination of 80% Nedbank shares and 20% cash, with the cash component priced at KES 2,100 per 100 NCBA shares held by tendering shareholders.
NCBA Group operates banking businesses across Kenya, Uganda, Tanzania, and Rwanda, and extends digital financial services into Ghana and Ivory Coast.
DEAL STRUCTURE AND REGULATORY APPROVALS REQUIRED
Completion of the deal is conditional on approvals from the Central Bank of Kenya, the Capital Markets Authority, and Kenya's Competition Authority.
NCBA BACKGROUND
NCBA Group is itself the product of a 2019 merger between NIC Bank and Commercial Bank of Africa. The group operates the M-Shwari mobile lending product in partnership with Safaricom.
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