South African Banks Scramble for a Foothold in Kenya
South African banks are scrambling for Kenya, led by Nedbank's $855 million move for NCBA, as Johannesburg's lenders push deep 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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