South Africa’s Nedbank Group has completed its acquisition of a 66% controlling stake in NCBA Group, bringing the East African banking group under its ownership and expanding Nedbank’s presence in the region, including Rwanda.
NCBA announced the completion on October 19, following the receipt of the required regulatory approvals. The transaction makes NCBA a subsidiary of Nedbank, while the remaining 34% of its shares will continue to be held by public investors and traded on the Nairobi Securities Exchange.
NCBA operates in Kenya, Uganda, Tanzania, Rwanda, Ivory Coast and Ghana. The group serves more than 60 million customers through a network of 122 branches.
Nedbank, headquartered in South Africa, has operations across Southern Africa, including Namibia, Zimbabwe, Mozambique, Lesotho and Eswatini, as well as international offices in London, Dubai, the Isle of Man and Jersey.
The acquisition gives Nedbank a platform for expansion into East Africa, with NCBA’s established regional network, digital banking services, asset financing and investment banking capabilities expected to support its growth strategy.
What it means for Rwanda
The transaction follows a visit to Kigali in April by senior Nedbank and NCBA executives, who held meetings with Rwandan financial regulators and government officials as the acquisition process advanced.
As KT Press reported on April 2, Nedbank Chief Executive Jason Quinn led a delegation that met National Bank of Rwanda Governor Soraya Hakuziyaremye on April 1. The delegation also held separate discussions with Finance Minister Yusuf Murangwa.
The meetings focused on investment, financial innovation and opportunities to support Rwanda’s economic growth. They came as Nedbank sought to acquire a controlling stake in NCBA, which operates a banking subsidiary in Rwanda.
NCBA Bank Rwanda is therefore part of the regional network now controlled by Nedbank. The acquisition could provide opportunities for the Rwandan operation to draw on a larger financial services group, including expertise in corporate banking, investment banking and cross-border transactions.
NCBA’s announcement says the group will retain its brand, local leadership, Nairobi headquarters and customer-facing operating model. Its products, branches, digital channels and day-to-day banking arrangements will remain unchanged, according to the company.
The announcement does not detail any immediate changes to NCBA Bank Rwanda’s operations or set out specific new products or investments planned for the Rwandan market.
A deal valued at about $850 million
Nedbank announced its intention to acquire approximately 66% of NCBA on January 21, 2026, in a transaction valued at about 13.9 billion South African rand, equivalent to roughly $850 million at the time of the initial announcement.
The offer closed on July 10. NCBA shareholders tendered 79.9% of the group’s issued shares, exceeding Nedbank’s target. The allocations were subsequently adjusted to bring Nedbank’s stake to approximately 66%.
Under the transaction structure, shareholders participating in the offer are to receive 20% of their consideration in cash and 80% in new Nedbank shares.
NCBA shares are scheduled to be suspended from trading from the close of business on October 21 until November 2 to allow reconciliation of the share register. The transfer of shares and settlement of the transaction are scheduled for November 3.
NCBA Chief Executive John Gachora said the partnership would help the group pursue opportunities across East Africa and expand its range of financial products.
Nedbank Chief Executive Jason Quinn said the acquisition establishes a significant presence for the South African lender in East Africa and supports its strategy of connecting financial services markets across the continent.
The transaction brings together NCBA’s established East African presence and Nedbank’s Southern African network, creating a larger platform for financing businesses, supporting regional trade and facilitating investment.
