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South Africa’s Nedbank moves into East Africa with $5bn NCBA takeover bid

Aerial view of Nairobi, Kenya CBD at night. Photo by Click Smith @ Unsplash
Aerial view of Nairobi, Kenya CBD at night. Photo by Click Smith @ Unsplash
  • Nedbank seeks 66% stake in Kenya-based NCBA Group
  • Deal expands South African lender into East Africa

 

NAIROBI, KENYA – South Africa’s Nedbank is seeking a controlling stake in NCBA Group in a move to enter fast-growing East African banking markets.

South African financial services group Nedbank is poised to expand into East Africa, including Uganda, through the acquisition of a controlling stake in NCBA Group PLC, the regional lender said.

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