CBK approves Nedbank acquisition of 66% NCBA stake

The Central Bank of Kenya has given South Africa's Nedbank Group the green light to acquire a 66 percent stake in NCBA Group. The transaction, which was approved on August 28, will give Nedbank Group a majority stake in the Kenyan lender, boosting its efforts to expand its presence in the East African market. According to the regulator, the acquisition will take effect upon completion of the transaction and in accordance with the terms of the agreement between the two parties.