The Capital Markets Authority has granted the deal by South Africa's Nedbank a regulatory approval to purchase the lion's share in Kenya's NCBA Group for an estimated $856 million (about KES111.3 billion).

Nedbank, which needed to get the critical approval by 31st May 2026, plans to buy 66 percent of NCBA Group shares with the balance (34 percent) trading at the Nairobi Securities Exchange.

“Nedbank has a strategic objective to grow and diversify outside of its core Southern Africa market, and we identified East Africa as a key growth region,” noted Nedbank CEO Jason Quinn following CMA's approval.

“We are, therefore, excited to partner with a strong and leading financial services firm such as NCBA to deliver on our growth ambitions.”

Nedbank entry into East Africa will see the South African based lender offer a 20% cash portion and 80 percent new Nedbank ordinary shares listed on the JSE to purchase a controlling stake in NCBA.

CMA exemption would apply to the requirement for Nedbank to extend a mandatory takeover offer for 100 percent of the NCBA Shares under Kenya’s Capital Markets Regulations.

Additionally, the South African lender has announced receipt of irrevocable undertakings from NCBA shareholders to acquire the bank's lions share has increased to 77.54 percent from an earlier 71.2 percent.

Nedbank's $856 million offer is still subject to the remaining conditions of the waiver, but a significant number of NCBA shareholders have approved the transaction.

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