The Central Bank of Kenya (CBK) has given South Africa’s Nedbank Group an approval to acquire 66% stake in NCBA Group. The transaction which was approved on August 28 gives Nedbank Group a major boost towards taking majority control of NCBA Group. “The acquisition shall take effect upon completion of the transaction in accordance with […] The post CBK approves Nedbank’s 66% NCBA share acquisition by Nedbank appeared first on KBC Digital .
The Central Bank of Kenya (CBK) has given South Africa’s Nedbank Group an approval to acquire 66% stake in NCBA Group.
The transaction which was approved on August 28 gives Nedbank Group a major boost towards taking majority control of NCBA Group.
“The acquisition shall take effect upon completion of the transaction in accordance with the terms of the Agreement between the two parties,” said the regulator in a statement.
The South African banking conglomerate submitted an offer to acquire 66% of NCBA Group’s publicly listed shares.
The deal was valued at 13.8 billion rand based on Nedbank’s price of 250 rand per share with the proposed consideration being 20% cash and 80% new Nedbank ordinary shares listed on the Johannesburg Stock Exchange (JSE).
“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,” said Jason Quinn, Nedbank Group Chief Executive.
Under the deal, NCBA will continue to trade the remaining 34% shares on the Nairobi Security Exchange (NSE).
While making the decision, CBK said the transaction will ensure continued stability, enhance the resilience of
the Kenyan banking sector and promote competition.
NCBA Group PLC which was formed in 2019, following a merger of NIC Group and Commercial Bank of Africa (CBA) currently operates in in Kenya, Uganda, Tanzania, Rwanda and has a joint venture in Cote D’Ivoire and has interests in stock brokerage, insurance, investment banking and leasing.
Nedbank Group on the other hand is a diversified financial services provider headquartered in South Africa with primary listing on the JSE and a dual listing on the Namibia Securities Exchange.
The lender which has subsidiaries in five countries in Southern Africa closed 2025 with an asset base of 1.6 trillion rand and 501 billion in Assets Under Management.
The post CBK approves Nedbank’s 66% NCBA share acquisition by Nedbank appeared first on KBC Digital.
