Nedbank Group, a South African lender, has launched a tender offer to acquire a significant stake in NCBA Group, a prominent East African bank. This move could give Nedbank a controlling interest of approximately 66 per cent in the Kenyan financial institution.

• The deal values NCBA at 1.4 times its book value, with shareholders receiving 20 per cent in cash and 80 per cent in Nedbank shares listed on the Johannesburg Stock Exchange.
• NCBA operates 122 branches across Kenya, Uganda, Tanzania, Rwanda, Ivory Coast, and Ghana, serving over 60 million customers.
• According to NCBA Managing Director John Gachora, Nedbank is an “ideal partner” for growth in East Africa, with its strong balance sheet aiding expansion into new markets like Ethiopia and the DRC.
• The acquisition would allow NCBA to retain its listing on the Nairobi Securities Exchange, as well as its brand, governance, operations, and management team.