Nedbank Group announced that its offer for NCBA Group PLC became unconditional on 21 October 2026 after it secured roughly 66 percent of the Kenyan lender’s issued shares, amounting to 1,087,362,891 shares.

The acquisition gives Nedbank control of NCBA, a Nairobi‑listed bank previously linked to the Kenyatta family, marking one of the region’s largest cross‑border banking transactions in recent years.

Following the announcement, the Nairobi Securities Exchange halted trading in NCBA shares on 21 October; the suspension will remain in force until 2 November, with the block trade settlement scheduled for 3 November.

Kenya’s Capital Markets Authority has already approved the 66 percent stake purchase, clearing the regulatory hurdle for the transaction to proceed to completion.

The Kenyatta and Ndegwa families will retain minority holdings in NCBA, while a consortium of 15 major shareholders, collectively owning 77.54 percent of the bank, backs the deal.

Nedbank, listed on the Johannesburg Stock Exchange, reported a market capitalisation of about KSh 947 billion (US$7.3 billion) as of September 2026, with institutional investors holding roughly three‑quarters of its shares.

The acquisition expands Nedbank’s footprint beyond its home market, where 93.7 percent of loans and advances are currently concentrated, into East Africa’s competitive banking sector.

Nedbank’s chief executive, Jason Quinn, who has led the group since 2024, is steering the continental growth strategy that includes the NCBA purchase.