NCBA Managing Director John Gachora said the proposed acquisition of a 66% stake in Kenya-based NCBA by South Africa’s Nedbank presents a “significant opportunity” to accelerate the bank’s strategic ambitions.
Gachora said the deal is expected to deliver value for shareholders by improving prospects for sustainable returns, unlocking liquidity, diversifying risk beyond East Africa, and strengthening NCBA’s capital position for regional expansion.
NCBA reported a strong financial performance for the year ended 2025, with net profit after tax of KES 12.3 billion, up 8% from the previous year, and total assets of KES 720 billion, reflecting steady growth across its retail and corporate banking segments. Earnings per share rose to KES 4.50, supported by increased lending and improved operational efficiency.
Customers are expected to benefit from enhanced product offerings and Nedbank’s international servicing and distribution capabilities in London, the Isle of Man, Jersey, and Dubai, along with access to larger-ticket funding for corporate and individual clients.
Commenting on the development, NCBA MD said: “We are proud of the progress we have made, excited about the Ubuntu strategy, and confident that the Nedbank transaction will accelerate our ambitions. I want to thank our customers, colleagues, shareholders, regulators, and partners for their continued trust as we deliver on our priorities and shape the next chapter of our organization.”
The acquisition highlights growing interest from international banks in East Africa, as institutions seek to expand their footprint in the region’s dynamic financial sector.