CBK Approves 66% Nedbank Acquisition Of NCBA Bank

NCBA Group has received approval from the Central Bank of Kenya for Nedbank Group Limited’s proposed acquisition of up to 66 percent of the issued share capital of NCBA Group PLC.

John Gachora, NCBA Group’s Managing Director, stated, “We are grateful to the Central Bank of Kenya for its thorough review and approval of the transaction. We value the Central Bank’s role in ensuring the stability, integrity and continued growth of our financial sector. As NCBA, we remain committed to ensuring that the transition is managed responsibly and in the best interest of our customers, employees, shareholders and the broader financial sector”

The approval by the NCBA’s primary regulatory authority follows receipt of other key regulatory approvals, including from the Prudential Authority and Financial Surveillance Department of the South African Reserve Bank, the Capital Markets Authority of Kenya, the National Bank of Rwanda, Bank of Tanzania, COMESA Competition and Consumer Commission, East African Community Competition Authority, the Tanzanian Fair Competition Commission and the ECOWAS Regional Competition Authority. The remaining regulatory approvals are progressing in accordance with their timelines and sequencing.

Nedbank’s tender offer to acquire approximately 66 percent of NCBA’s issued ordinary shares closed successfully on 10 July 2026. At the close of the offer, valid acceptances had been

received in respect of approximately 79.9 percent of the Company’s issued ordinary share capital, representing an oversubscription of 121 percent against the shares sought under the offer. This strong level of shareholder participation reflects broad support for the transaction and confidence in its strategic rationale.”

Completion of the transaction is expected towards the end of the third quarter of 2026. Settlement of the consideration due to accepting shareholders will occur within 14 trading days after the Offer becomes unconditional, subject to the satisfaction of all remaining conditions precedent.

A further announcement will be made upon the Offer becoming unconditional in all respects.

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