Staff Writer
Nedbank Group has received approval from the Central Bank of Kenya (CBK) for its proposed acquisition of approximately 66% of NCBA Group Plc, marking a key regulatory milestone in the transaction.
Nedbank announced this week that the CBK had granted NCBA Group approval for the transaction, which involves Nedbank acquiring about 66% of NCBA’s issued ordinary shares from NCBA shareholders on a pro rata basis.
The South African banking group had previously announced that it had achieved its targeted 66% shareholding in NCBA following the initial results of its offer.
“The receipt of approval from the CBK represents an important milestone in the progression of the Transaction,” Nedbank said.
The latest approval brings the majority of the regulatory approvals required for the offer closer to completion.
According to Nedbank, the remaining regulatory approvals are progressing in line with expected timelines and are anticipated to be received towards the end of the third quarter of 2026.
The transaction remains subject to the fulfilment or waiver, where legally permissible, of certain conditions contained in the offer document.
Nedbank said settlement of the consideration due to each NCBA shareholder who accepted the offer will take place from the 10th trading day and within 14 trading days after the bank announces that all conditions attached to the offer have been fulfilled or waived.
The acquisition forms part of Nedbank’s strategy to expand its presence in the African banking market.
NCBA is a financial services group with operations in Kenya and other African markets.
Nedbank Group is listed on the Johannesburg Stock Exchange, the Namibia Securities Exchange and A2X, while NCBA is listed on the Nairobi Securities Exchange.
