Nedbank offers Sh109.5 billion for 66 per cent stake in NCBA
Business
By
Brian Ngugi
| Jan 22, 2026
South African lender Nedbank Group has offered to acquire a controlling 66 per cent stake in the Kenyatta family-linked NCBA Group for approximately ZAR 13.9 billion (Sh109.5 billion), marking a major strategic entry into East Africa by the Johannesburg-based financial giant.
The deal, executed via a tender offer, values the Kenyatta-linked lender at Sh165.9 billion, representing a significant premium for shareholders of the tier one home-grown bank. Under the proposed terms, NCBA shareholders will receive a 20 per cent cash portion, amounting to Sh21.9 billion, with the remaining 80 per cent settled through the issuance of new Nedbank ordinary shares listed on the Johannesburg Stock Exchange (JSE).
“The proposed deal brings together two organisations with highly complementary strengths,” said Nedbank Group CEO Jason Quinn. “NCBA offers a strong brand presence, an extensive regional network, advanced digital capabilities, and deep customer reach, which naturally aligns with Nedbank’s established Corporate and Investment Banking expertise.”
The transaction highlights the enduring influence of Kenya’s prominent political and business families. NCBA was formed in 2019 through the merger of NIC Group, linked to the Philip Ndegwa family, and the Commercial Bank of Africa (CBA), associated with the family of former President Uhuru Kenyatta. Following the acquisition, NCBA will operate as a subsidiary of Nedbank but will retain its brand, local leadership team, and its listing on the Nairobi Securities Exchange (NSE) with a 34 per cent free float.
Nedbank has identified East Africa as a region of “significant strategic importance,” citing strong macroeconomic fundamentals and its role as a primary trade corridor linking Africa with Asia and the Middle East. “By combining NCBA’s substantial local presence and Nedbank’s capital base, we see a compelling platform for sustainable growth in the region,” Quinn added.
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NCBA’s ownership remains concentrated among investment vehicles linked to its founding families. According to the bank’s 2024 regulatory filings, the top shareholders include: Enke Investments Limited (Investment vehicle of the Kenyatta family) and Asset Managers Limited (Investment vehicle of the Ndegwa family).
Others are D&M Management Services LLP, Ropat Nominees Limited, First Chartered Securities Limited, Brookshire Limited, Westpoint Nominees Limited, Yana Investments Limited, ICEA LION Asset Management Limited, and Livingstone Registrars Limited.
“Nedbank is an ideal partner for our growth,” said NCBA Group Managing Director John Gachora. “Their strong balance sheet will help us scale in our current markets as well as explore the investment proposition that the DRC and Ethiopia have to offer.”
The transaction is subject to regulatory approvals from Central Banks in Kenya and South Africa, and is expected to be concluded by the third quarter of 2026