Kenya Central Bank (KCB) has approved Nedbank Group Ltd.’s acquisition of a 66% stake in NCBA Group PLC, clearing a major regulatory hurdle for the South African lender’s expansion into East Africa.

The transaction, valued at more than Ksh116.3 billion ($898 million), will make NCBA a subsidiary of Nedbank while leaving the remaining 34% of its shares publicly traded on the Nairobi Securities Exchange.

The Central Bank of Kenya said the acquisition will take effect once the transaction is completed under the terms agreed by the two companies.

Nedbank announced its plan in January 2026 as part of a strategy to establish a larger presence in East Africa. The deal gives the Johannesburg-listed bank access to NCBA’s established customer base, regional network and digital banking operations.

“The proposed deal brings together two organisations with highly complementary strengths,” Nedbank Group CEO Jason Quinn said when the acquisition was announced. Quinn said NCBA’s local presence, regional reach and digital capabilities would complement Nedbank’s corporate and investment banking expertise, cross-border structuring capabilities and balance sheet.

Nedbank targets regional growth

Headquartered in South Africa, Nedbank Group is one of Africa’s largest financial services groups, serving almost 8 million clients across wholesale and retail banking, insurance, asset management and wealth management.

Its operations include Corporate and Investment Banking, Business Banking, Nedbank Private Wealth, and Retail and Business Banking. The group has a strong presence in South Africa and operates in several Southern African Development Community markets, including Eswatini, Lesotho, Mozambique, Namibia and Zimbabwe, alongside international offices.

The NCBA acquisition strengthens its position in a region where banking, digital finance and cross-border financial services are expanding.

NCBA brings regional banking network

Based in Nairobi, NCBA Group is a major East African financial services provider offering corporate, retail and digital banking. It was formed in 2019 through the merger of NIC Group and Commercial Bank of Africa.

NCBA operates across Kenya, Uganda, Tanzania, Rwanda and Ivory Coast, with businesses spanning corporate banking, asset finance and digital banking.

The lender reported Ksh12.4 billion ($96 million) in profit after tax for the first half of 2026, up 12.2% from Ksh11 ($85 million) billion a year earlier. Total assets rose 11.5% to Ksh739 billion ($5.7 billion). The acquisition therefore gives Nedbank control of a profitable regional banking platform while NCBA retains a public listing in Kenya.