South Africa’s Nedbank Group has confirmed a definitive offer to acquire a 66 percent stake in NCBA Group, one of East Africa’s foremost financial institutions, in a deal valued at 13.9 billion rand, approximately 855.5 million US dollars. The transaction, which remains subject to regulatory and shareholder approvals, marks a significant moment in African cross-border banking integration led by indigenous capital.
According to an official statement issued on Wednesday in Johannesburg, the acquisition will be financed through a combination of 20 percent cash and 80 percent in new Nedbank ordinary shares to be listed on the Johannesburg Stock Exchange. The deal pegs Nedbank’s share price at 250 rand and seeks to broaden the bank’s footprint into the East African region.
Upon completion, NCBA is expected to operate as a subsidiary of Nedbank while preserving its corporate identity, governance structures and its separate listing on the Nairobi Securities Exchange. The remaining 34 percent of NCBA shares will continue to be publicly traded in Kenya, offering continuity for existing shareholders.
Speaking on the strategic importance of the move, Nedbank Group Chief Executive Officer Jason Quinn emphasised the mutual advantages for both institutions. He noted that the partnership builds on NCBA’s regional expertise and Nedbank’s robust capital base and financial experience. According to Quinn, the integration offers a credible platform for long-term growth, not only for the institutions involved but for the broader African financial ecosystem.
NCBA operates in Kenya, Uganda, Tanzania and Rwanda, with digital financial services extended to Ghana and Ivory Coast. With a customer base exceeding 60 million and 122 physical branches across East Africa, the group is a key player in the region’s financial architecture. It was formed in 2019 following a merger between NIC Group and Commercial Bank of Africa, two legacy institutions with longstanding ties to both the public and private sectors across East Africa.
Nedbank’s move signals a broader recalibration of intra-African financial relations in an era increasingly defined by regional integration and local capital mobilisation. The transaction further reflects the shift in banking models towards sustainable investment in core African markets, propelled by demographic momentum, digital financial innovation and a shared commitment to inclusive economic development.
The acquisition underscores East Africa’s growing relevance in continental banking strategies. With strong macroeconomic fundamentals, expanding intra-regional trade and a youthful, increasingly tech-savvy population, the region is being positioned by African lenders as central to future growth trajectories. Nedbank specifically identified East Africa’s role as a vital trade corridor connecting Africa to India, the Middle East and broader Asia as central to its strategic outlook.
In a continent where foreign acquisitions have historically defined expansion, this transaction represents a movement towards African institutions leading in both capital deployment and vision. It places African banks at the forefront of shaping financial futures that are less extractive and more embedded in the developmental needs of their home regions.
Both Nedbank and NCBA have emphasised that their existing teams will continue to operate with local decision-making autonomy, preserving institutional knowledge and community trust. The deal reflects a shared vision that sustainable pan-African growth depends not only on capital inflows but on reimagining banking as an enabler of inclusive and locally owned prosperity.
As regulatory approvals are pursued in both South Africa and Kenya, the financial sectors of both nations — among the most developed on the continent — will be closely watched for how they navigate this potential precedent-setting collaboration.
This proposed acquisition, though commercial in nature, is emblematic of broader shifts in African finance. It illustrates how regional partnerships may increasingly supplant globalised models with African-designed institutions pursuing African-centred outcomes.
