South Africa’s Nedbank Group Limited has completed its strategic investment in NCBA Group PLC, acquiring a 66 per cent controlling stake in the East African lender.

The transaction, which follows the receipt of required regulatory approvals, signals Nedbank’s confidence in the region’s financial services sector and is expected to unlock new opportunities for NCBA’s customers, employees and shareholders.

NCBA will retain its brand and local leadership despite the change in ownership, and completion of the transaction will make NCBA Group an East African subsidiary of South Africa’s Nedbank Group Limited.

Despite the change in shareholding, NCBA will remain listed on the Nairobi Securities Exchange (NSE), with the remaining 34 per cent of its issued shares held by the public.

At the close of the transaction, NCBA shareholders had tendered a total of 1.32 billion shares, representing 79.90 per cent of the lender’s issued shares — exceeding the 66 per cent stake Nedbank had set out to acquire.

Nedbank has reiterated that NCBA will retain its brand, local leadership, Nairobi headquarters and customer-facing operating model, even as it joins the South African lender’s regional operations.

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