South Africa’s Nedbank has secured approval from the Central Bank of Kenya (CBK) to acquire a 66.0% stake in NCBA Group in a transaction valued at KES 116.3 billion.
The regulatory approval was secured on August 28, 2026, clearing a key step in the proposed acquisition by the South African banking group.
The approval will take effect upon completion of the transaction in accordance with the terms of the agreement between Nedbank and NCBA Group.
The proposed KES 116.3 billion transaction would see Nedbank acquire a controlling 66.0% interest in one of Kenya’s leading banking groups, subject to the completion of the transaction and the terms agreed upon by the parties.
The Central Bank of Kenya’s approval represents a significant regulatory milestone for the proposed deal as Nedbank moves forward with its planned investment in NCBA Group.
NCBA Group is one of Kenya’s major financial services groups, while Nedbank is among South Africa’s leading banking institutions.
Further details on the completion timeline and the implementation of the transaction are expected to be determined in accordance with the terms agreed between the two banks.
