Nedbank Moves to Acquire 66% of NCBA

South Africa’s Nedbank has proposed to acquire a 66% stake in NCBA Group via a tender offer, valuing the Kenyan lender at 1.4x book value in a deal that positions NCBA as its East Africa growth vehicle...

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South Africa's Nedbank Group plans to acquire a controlling 66% stake in NCBA Group, making it a subsidiary. The deal, valued at 1.4 times NCBA's book value, aims to expand Nedbank's presence in East Africa.

Shareholders participating in the offer will receive 20% cash and the remaining 80% in Nedbank shares listed on the JSE.
NCBA, with KES 665 billion in assets, operates across Kenya, Uganda, Tanzania, Rwanda, Ivory Coast, and Ghana.
Nedbank CEO Jason Quinn highlighted Kenya’s role as a regional financial hub, with potential future expansion into Ethiopia and the DRC.
The transaction is subject to regulatory approvals and is expected to close in six to nine months.

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