Nedbank Group, South Africa’s fourth-largest financial institution, has secured a Kenyan regulatory waiver that clears the way in which for its plan to amass about 66% of NCBA Group, one in all East Africa’s greatest lenders.
Kenya’s Capital Markets Authority (CMA) exempted Nedbank from a rule that may have compelled the lender to make a compulsory provide for 100% of NCBA if it crossed key possession thresholds.
“Nedbank Group is now happy to advise shareholders and noteholders that on 19 February 2026, the CMA granted the CMA Exemption,” the lender mentioned within the waiver replace.
With out the waiver, Nedbank would have needed to launch a full takeover bid, doubtlessly rising the price and complexity of the transaction. The exemption permits the South African lender to pursue a partial acquisition of roughly two-thirds of NCBA.
The approval satisfies one of many core situations connected to the January provide and maintains the deal construction. Nedbank Group plans to amass about 66% of NCBA Group by buying shares from present buyers in proportion to their present holdings, slightly than making a full buyout provide.
Nedbank first introduced the proposed transaction on January 21. The CMA approval was required by Might 31, 2026. With out it, Nedbank would have doubtless proceeded with a full takeover provide for 100% of NCBA as a substitute of the deliberate partial acquisition.
Nedbank mentioned buyers holding 77.54% of NCBA Group have agreed to just accept the provide, up from 71.2% in January, giving it sufficient dedicated shares to safe its deliberate partial takeover and lowering the chance of the deal falling by.
The provide stays topic to different situations, together with extra regulatory and customary approvals outlined within the January round. The transaction, if accomplished, would deepen Nedbank’s footprint in Kenya’s banking sector and will alter aggressive dynamics in a market already outlined by consolidation and cross-border growth.
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