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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