Nedbank to acquire 66% stake in NCBA, making it a subsidiary

Nedbank is set to take up the East African market by storm. This follows the announcement of the Johannesburg-listed lenders' intention to acquire a two-thirds stake in NCBA, an equivalent of 66 percent of the bank, in a transaction set to be completed by the third quarter of the year. The transaction will see Nedbank invest upwards of 855.5 million dollars.