Nedbank Making Moves Into Kenya (And Beyond)
Banking News
Nedbank is moving closer to completing a R13.9 billion deal that will give it a controlling stake in Kenyan banking group NCBA.
The Central Bank of Kenya has now approved the proposed purchase of a 66% stake, adding to regulatory approval already received in South Africa.
The deal will give Nedbank greater exposure to banking markets outside South Africa. NCBA operates in Kenya, Tanzania, Uganda and Rwanda, with digital operations in Ghana and the Ivory Coast.
‘Nedbank says it has already received enough support from NCBA shareholders to reach its 66% target’
Nedbank says it has already received enough support from NCBA shareholders to reach its 66% target.
A few additional regulatory approvals are still needed before the transaction can be completed, with these expected before the end of the third quarter of 2026.
NCBA operates in Kenya, Tanzania, Uganda and Rwanda, with digital operations in Ghana and the Ivory Coast. This provides further expansion opportunities.
For local Nedbank customers, nothing changes right away, but the deal shows just how seriously the bank is looking beyond South Africa for its next phase of growth.