South Africa`s Nedbank Group Limited (Nedbank) has successfully completed its strategic investment in NCBA Group PLC (NCBA) through the acquisition of a 66 per cent controlling stake, reinforcing confidence in East Africa`s financial services sector and unlocking new opportunities for NCBA’s customers, employees and shareholders.

Nairobi, October 19, 2026:  NCBA has today announced the successful completion of Nedbank Group Limited’s strategic investment through the acquisition of a 66 per cent controlling stake, marking a landmark transaction for East Africa’s financial services sector. The completion follows receipt of the required regulatory approvals and results in NCBA becoming a subsidiary of Nedbank. NCBA will continue being listed on the Nairobi Securities Exchange (NSE), with the remaining 34 per cent of the issued shares being held by the public.

A Landmark deal that strengthens East Africa`s financial Services Sector

NCBA operates across six markets in Africa; Kenya, Uganda, Tanzania, Rwanda, Ivory Coast and Ghana, serving over 60 million customers through 122 branches. South Africa headquartered Nedbank which is listed on the Johannesburg Securities Exchange (JSE) and the Namibia Securities Exchange, has physical operations across Southern Africa including in Namibia, Zimbabwe, Mozambique, Lesotho and Eswatini as well as offshore centres in London, Dubai, the Isle of Man and Jersey. Through this investment in NCBA, Nedbank will expand into the high-growth East African market with ambitions to extend the brand into the wider region. 

Kenya’s position as a financial hub, supported by strong institutions, advanced capital markets and a dynamic technology sector, provides a strategic entry point for Nedbank, while NCBA’s strong market reputation, digital banking capabilities, asset finance leadership, investment banking expertise and regional network make it a compelling partner.

Together, the two leading and highly regarded African financial services institutions are well placed to support trade, enterprise growth, and investment across one of Africa’s fastest growing and most dynamic regions.

Business Continuity for employees and customers

NCBA’s employees and customers can be assured that business will continue as usual. NCBA Group will retain its trusted brand, local leadership, Nairobi headquarters and customer-facing operating model. Products, services, relationship teams, branches, digital channels and day-to-day banking arrangements remain unchanged. The transaction is designed to enhance, not disrupt customer experience, with opportunities to introduce broader capabilities, stronger cross-border solutions and deeper sector expertise that is available through Nedbank.

For employees, the transaction marks the beginning of a new chapter of growth opportunities. NCBA’s people remain central to the Group’s future, and the relationship with Nedbank is expected to create new possibilities for skills development, knowledge sharing, innovation and career growth across a larger African financial services network.

A transaction that benefits shareholders and boosts investor confidence

Following the close of the Offer period on 10 July 2026, NCBA Shareholders tendered a total of 1,316,357,895 NCBA Shares, representing 79.90 per cent of the issued shares. This was well more than the 66 per cent Nedbank set out to acquire, reflecting strong shareholder support for the transaction. Excess applications were scaled back on a pro-rata basis in accordance with the terms of the Offer Document to bring Nedbank’s eventual shareholding to its targeted stake of approximately 66 per cent.

Following the Offer becoming Unconditional, both Nedbank and NCBA have notified the relevant regulators and the investing public of their intention to settle and close the transaction:

• NCBA Shareholders and the investing public are notified that NCBA Shares will be suspended from trading from on or about close of business on the 21st of October 2026 to the close of business on Monday 2nd of November 2026 to enable the reconciliation of the Share Register.
• The transfer of NCBA Shares from NCBA Shareholders to Nedbank will be through a block trade executed through the Block Trade Board of the NSE on Tuesday 3rd of November 2026.
• Settlement of Nedbank Shares and dispatch of cash payments to NCBA Shareholders will take place from Tuesday 3rd of November 2026.

Leadership comment

Commenting on the milestone, NCBA Group Managing Director and Chief Executive Officer John Gachora said: “This is a proud moment for NCBA and a powerful endorsement of the strength of our business, our people and the markets we serve. NCBA has built a strong East African brand anchored on customer centricity and innovation. With the backing of Nedbank, we are now poised to boldly go after opportunities across the East African region, expand our footprint  and bring to market a more sophisticated set of products. The name is the same, the people are the same, but the ambition and capabilities are tremendously magnified. This next phase in the chapter of NCBA will be one to watch.”

Nedbank Group Limited Chief Executive Jason Quinn said:  “This landmark transaction establishes a significant presence for Nedbank in East Africa and marks a decisive step forward in our African growth strategy. By connecting two strong banking platforms across Southern and East Africa, we are creating new opportunities for our clients and shareholders, while supporting greater trade, investment and growth across the continent. We are proud to welcome NCBA to the Nedbank Group.”

~ENDS~

For media enquiries, please contact:

Nelly Wainaina | Group Director – Marketing, Communication and Citizenship | NCBA

Nelly.Wainaina@ncbagroup.com  |  Tel: +254 711 056 444

About NCBA Group PLC

NCBA is a full-service banking group providing a broad range of financial products and services to Corporate, Institutional, SME and Consumer banking customers. NCBA operates a network of 122 branches across five countries, including Kenya, Uganda, Tanzania, Rwanda, and the Ivory Coast. Serving over 60 million customers, NCBA is the largest banking group in Africa by customer numbers. NCBA Bank Kenya is among the leading banks by assets. The Group continues to play a key role in empowering Africa’s economic ambitions. NCBA is a Market Leader in Corporate Banking, Asset Finance, and Digital Banking.