South Africa’s Nedbank has announced plans to acquire a majority stake in Kenya’s NCBA Bank for $856 million, marking one of the largest cross-border banking deals in East Africa in recent years. The acquisition is aimed at expanding Nedbank’s presence in the East African market and strengthening its regional operations.
The deal will give Nedbank significant influence over NCBA’s strategic direction while allowing the Kenyan bank to benefit from Nedbank’s expertise in digital banking, risk management, and corporate finance. Both banks highlighted that the partnership will support growth, innovation, and financial inclusion across Kenya and the wider region.
Regulators in both countries are expected to review the transaction before it is finalized, and executives from both institutions expressed optimism that the acquisition will create value for shareholders, employees, and customers alike. The move reflects a growing trend of consolidation in Africa’s banking sector, as financial institutions seek to expand their footprint across multiple markets and leverage economies of scale.