Nedbank Secures Kenyan Waiver to Acquire 66% of NCBA Group
Nedbank Group, South Africa's fourth-largest bank, has secured a Kenyan regulatory waiver allowing it to acquire approximately 66% of NCBA Group, one of East Africa's largest lenders. Kenya's Capital Markets Authority (CMA) granted the exemption on February 19, 2026, avoiding a mandatory full takeover offer that would have been required if ownership thresholds were crossed. This waiver satisfies a core condition of Nedbank's January 21st offer and maintains the planned partial acquisition structure. Instead of a full buyout, Nedbank will purchase shares from existing investors proportionally to their holdings. The CMA approval was required by May 31, 2026, and without it, Nedbank would have proceeded with a full takeover bid. Investors holding 77.54% of NCBA have agreed to the offer, up from 71.2% in January, securing the partial deal and reducing the risk of failure. The transaction, if completed, would deepen Nedbank's Kenyan banking presence and alter regional competitive dynamics amid ongoing consolidation.