South Africa’s Nedbank Group has moved a step closer to acquiring a 66 percent shareholding in NCBA Group after the proposed transaction secured unconditional approval from two key regional competition regulators.
The Common Market for Eastern and Southern Africa Competition Commission and the East African Community Competition Authority have both cleared the cross border banking deal, giving Nedbank fresh momentum in its push to take control of one of Kenya’s most prominent banking groups.
In its decision, the Comesa Competition Commission said the proposed transaction was unlikely to harm competition in the three Comesa markets where NCBA operates, clearing the deal without conditions.
The regulator said the merger was not likely to substantially prevent competition in the Common Market or a substantial part of it, and would not affect public interest.
Although the East African Community Competition Authority is yet to publish its decision, Nedbank disclosed in an investor update on Tuesday that it had already received approval from the regional authority.
The approvals come at a time when NCBA has been facing growing public scrutiny over several controversies touching on its operations, including insider fraud scandals, tax related disputes and recent complaints linked to its asset financing business.
The bank has in recent months been mentioned in complaints from customers over asset financing arrangements, with some clients accusing lenders in the sector of harsh recovery practices, unclear charges and poor handling of disputes after borrowers fall into arrears.
NCBA has also faced reputation pressure from cases involving insider fraud, raising concerns over internal controls, staff supervision and the wider safety of customer funds in a banking sector where trust remains the biggest asset.
The bank’s tax history has also remained part of public debate, especially after past disputes involving tax obligations and settlements with the Kenya Revenue Authority placed the lender under scrutiny over compliance and corporate accountability.
The proposed Nedbank takeover is therefore moving through regulatory channels at a time when NCBA is not only being valued as a regional banking asset, but also being judged against unresolved questions around governance, customer treatment and risk controls.
Within the 21 member Common Market for Eastern and Southern Africa bloc, NCBA operates in Kenya, Rwanda and Uganda, while Nedbank has operations in the Democratic Republic of Congo, Egypt, Eswatini, Kenya through a representative office, Mauritius, Rwanda, Seychelles, Tunisia, Uganda, Zambia and Zimbabwe.
Both lenders also operate outside the Comesa market, with NCBA present in Tanzania, Côte d’Ivoire and Ghana, while Nedbank operates in South Africa, Lesotho, the Isle of Man and the United Arab Emirates.
The latest approvals add to earlier clearance from the Prudential Authority of the South African Reserve Bank, leaving only a few regulatory conditions outstanding before the transaction can be completed.
Nedbank said the remaining approvals were progressing well, with the indicative completion date still expected around the end of the third quarter of 2026 or early in the fourth quarter of 2026, subject to regulatory approvals.
If completed, the deal will give Nedbank majority control of NCBA Group and reshape the regional banking market at a time when Kenyan banks are facing sharper questions over governance, consumer protection and internal accountability.