Banking & Financial ServicesEast AfricaThe Big Story

South Africa’s Nedbank to Acquire 66% Stake in Kenya’s NCBA Bank for $856 million South Africa’s banking giant targets Kenya as the launchpad for deeper expansion across East Africa’s fast-growing financial markets

A photo collage of NCBA Group CEO John Gachora and Nedbank Group CEO Jason Quinn.

South Africa’s Nedbank Group has unveiled plans to acquire approximately 66% of the issued ordinary share capital of Kenya’s NCBA Group.  The move is set to hand the Johannesburg-listed lender effective control of one of East Africa’s most prominent banking groups while keeping NCBA listed on the Nairobi Securities Exchange. The Reuters news agency reported that the cash-and-stock deal is valued at $855.5 million (KES 110.3 billion). The proposed transaction was disclosed on Wednesday after Nedbank served a formal Notice of Intention on NCBA Group, the Capital Markets Authority of Kenya, the Nairobi Securities Exchange, and the Competition Authority of…

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About the Author

Paul Murungi is a Ugandan Business Journalist with extensive financial journalism training from institutions in South Africa, London (UK), Ghana, Tanzania, and Uganda. His coverage focuses on groundbreaking stories across the East African region with a focus on ICT, Energy, Oil and Gas, Mining, Companies, Capital and Financial markets, and the General Economy.

His body of work has contributed to policy change in private and public companies.

Paul has so far won five continental awards at the Sanlam Group Awards for Excellence in Financial Journalism in Johannesburg, South Africa, and several Uganda national journalism awards for his articles on business and technology at the ACME Awards.

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