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

• 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.