South Africa’s Nedbank Offers Cash-and-Stock Deal to Buy 66% of Kenya’s NCBA for $856 Million
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South Africa’s Nedbank Group said it has made an offer to buy a 66% stake in Kenya’s NCBA Group in a transaction valued at 13.9 billion rand ($855.5 million), aligning the acquisition with its strategy to broaden its footprint in East Africa.
Nedbank said the offer is anchored on a share price of 250 rand and would be settled 20% in cash and 80% through newly issued Nedbank ordinary shares listed on the Johannesburg Stock Exchange, while the remaining 34% of NCBA shares would continue to trade publicly on the Nairobi Securities Exchange.
If completed, NCBA would become a subsidiary of Nedbank but would retain its brand, local leadership and separate listing, according to the statement.
Nedbank chief executive Jason Quinn said the planned acquisition would be a significant step in expanding the bank’s southern and East African presence, and he described the combination of NCBA’s local reach and Nedbank’s capital base as a platform for long-term growth.
NCBA, headquartered in Nairobi and formed in 2019 through the merger of NIC Group and Commercial Bank of Africa, operates in Kenya, Uganda, Tanzania and Rwanda and offers digital banking services in Ghana and Ivory Coast, serving more than 60 million customers through 122 branches.
