2 November 2026
DLA Piper Africa, Kenya (IKM Advocates) advised NCBA Group PLC on the proposed acquisition of a 66% controlling stake in NCBA by Nedbank Group Limited through a partial pro rata tender offer to NCBA shareholders. The transaction was announced as being unconditional on 19 October 2026, following receipt of the required regulatory approvals.
The acquisition makes NCBA a subsidiary of Nedbank, providing the South African financial services group with a strategic entry point into East Africa. NCBA will retain its listing on the Nairobi Securities Exchange, with the remaining 34% of its issued shares held by shareholders on the NSE.
Operating across six African markets, NCBA brings an established regional network and capabilities in digital banking, asset finance and investment banking. The transaction connects NCBA's East African presence with Nedbank's established Southern African operations, creating opportunities to support cross-border trade, investment and enterprise growth.
Commenting on the transaction, James Kamau, SC, Managing Partner of IKM Advocates and Chair of DLA Piper Africa, said: “This transaction represents an important milestone for East Africa's financial services sector . It reflects the growing significance of cross-border investment in connecting African markets and creating opportunities for regional growth. We are pleased to have advised NCBA on this landmark transaction.”
The DLA Piper Africa, Kenya (IKM Advocates) team comprised James Kamau, SC, Ashley Zefira (Of Counsel), Judy Muigai (Director), John Mwangi (Legal Director), Audrey Seur (Senior Associate), Camilla Kanani (Associate) and Rogers Ngelese (Associate).
The wider working group included the following firms and lawyers:
DLA Piper (South Africa): Johannes Gouws (Managing Partner), Nada Lourens (Director), Dharshini Naidoo (Senior Associate), Annie Nair (Senior Associate) and Leratorato Madiba ( Senior Associate).
DLA Piper Africa, Uganda (S&L Advocates): Winnie Awino (Partner), Kezia Nakimuli (Senior Associate), Esther Nafula (Principal Associate), and Rachel Nakalema (Associate).
DLA Piper Africa, Tanzania (IMMMA Advocates): Burure Ngocho (Partner), Angela Mndolwa (Partner), Azuhura Msofe (Associate), Hellen Mziray (Associate) and Joel Lova (Lawyer).
DLA Piper Africa, Rwanda (Equity Juris Chambers): Calvin Mitali (Partner), Moses Kiiza (Partner), Gervis Nizeyimana (Senior Associate), Alison Mugabo (Senior Associate) and Badiel Rubangutsangabo (Associate).
DLA Piper Africa, Ghana (Reindorf Chambers): Kizzita Mensah (Partner), Kweki Quaynor Ahlijah (Legal Director) and Clement Ocran-Biney (Associate).
Geni & Kebe Lawyers (Côte d’Ivoire): Mouhamed Kebe (Partner), Roger Ahinongbe (Senior Associate), Alassane Ouattara (Counsel) and Carrine Boussou (Counsel).
Kwaliance (Côte d’Ivoire): Didier Boua Doux (Managing Partner)