The Central Bank of Kenya has approved Nedbank Group’s offer to acquire about 66% of NCBA Group Plc, according to a Nedbank Group announcement on the JSE’s Stock Exchange News Service dated 31 August 2026. Nedbank described the approval as an important milestone in the progress of the transaction.
The announcement says the majority of the regulatory approvals required for the offer have now been obtained. The outstanding approvals are progressing in line with their expected timelines and are anticipated towards the end of the third quarter of 2026. The offer also remains subject to certain conditions set out in the offer document, which Nedbank or NCBA may waive where the law allows.
In banking parlance, an “offer to acquire” means a company proposes to buy a specified portion of another company’s shares on terms set out in a formal document. Here, Nedbank made a pro rata offer to NCBA shareholders for about 66% of NCBA’s issued ordinary shares, and its last announcement, on 21 July 2026, said it had achieved its targeted 66% shareholding through the initial results of the offer. A stake of that size is a controlling one, since it is roughly two-thirds of the shares.
The approval matters most to two groups of readers. First, corporate and small-business customers of NCBA may in time see changes in product offerings, credit terms or digital platforms if Nedbank aligns the bank with its wider strategy, although the announcement says nothing about such plans. Second, investors and analysts who track cross-border banking activity will note that a South African bank is moving deeper into East Africa.
Nedbank Group is one of South Africa’s major banks. NCBA is a Kenyan bank with a retail and corporate franchise.
Regulatory clearance from the Central Bank of Kenya is a prerequisite for a foreign entity seeking a controlling interest in a local bank. The regulator’s role is to protect depositors and maintain financial stability, so its sign-off is a meaningful step.
While the approval is a clear step forward, the deal is not yet final. Settlement of the consideration due to each accepting NCBA shareholder will take place from the 10th trading day, and within 14 trading days, after Nedbank announces that all conditions have been fulfilled or waived.
Potential impact on the regional banking landscape
If the acquisition completes, Nedbank will become the majority shareholder of a Kenyan bank. For South African SMEs that operate in East Africa, a stronger Nedbank presence could in time mean easier access to cross-border financing and a single banking relationship across two markets, although neither company has said so in the announcement.
For SMEs, the key takeaway is that banking services are becoming more regional, and the competitive dynamics may shift as larger banks extend their reach across borders. Until the remaining approvals are received and the conditions are met, the market will watch for further announcements from Nedbank.
