South African Banks Scramble for a Foothold in Kenya
South African lender Nedbank has submitted a bid to acquire a 66% stake in Kenya's NCBA Group for roughly $855 million. The proposal offers the Kenyatta and Ndegwa families a mix of cash and Nedbank shares, with the transaction set to close on July 10. The move reflects growing competition among South African banks, including Absa, to expand their presence in East Africa.
- ▪Nedbank’s offer values NCBA Group at about 110 billion Kenyan shillings, equivalent to roughly $855 million.
- ▪The Kenyatta and Ndegwa families stand to receive around $170 million, split 20% in cash and 80% in Nedbank shares listed in Johannesburg.
- ▪NCBA currently operates in Kenya, Uganda, Tanzania, Rwanda, Ivory Coast and Ghana, providing a regional platform for Nedbank.
- ▪Rival South African bank Absa is also pursuing a tighter grip on its Kenyan subsidiary, intensifying the competition for market share.
- ▪Kenya is seen as a gateway for South African financial institutions seeking to expand northward into East Africa.
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Eastern Africa Africa South African Banks Scramble for a Foothold in Kenya By Samuel Ncube · June 26, 2026 · 5 min read Daily Brief The morning intel from across Latin America. Free. Subscribe By subscribing you agree to our privacy policy. We never share your email. KENYA · MARKETS Key Facts —The deal: Nedbank is bidding for a 66% stake in Kenya’s NCBA Group, valuing it at about 110 billion shillings, or roughly $855 million. —Family windfall: Kenya’s Kenyatta and Ndegwa families stand to collect around $170 million from selling their shares. —The terms: Shareholders receive 20% in cash and 80% in Nedbank shares listed in Johannesburg; the offer closes on July 10. —A ready footprint: NCBA already operates in Kenya, Uganda, Tanzania, Rwanda, Ivory Coast and Ghana.
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