Business
NCBA Group Targets Ethiopia, DRC Expansion Following Nedbank Deal
Swala Nyeti · 8 hours ago · Read the Full Story on Swala Nyeti
AI SUMMARY
NCBA Group is targeting expansion into the Democratic Republic of Congo and Ethiopia through acquisitions, supported by its recent deal with South Africa's Nedbank Group.
- NCBA Group is planning regional expansion into the Democratic Republic of Congo and Ethiopia.
- The lender prefers entering new markets through acquisitions rather than building operations from scratch.
- South Africa's Nedbank Group agreed to acquire approximately 66 percent of NCBA in a transaction valued at about $850 million.
- The Central Bank of Kenya approved the acquisition in August.
- Upon completion of the deal, NCBA will become a Nedbank subsidiary while keeping its brand, management, and Nairobi headquarters.
- NCBA currently operates in Kenya, Uganda, Tanzania, Rwanda, Ivory Coast, and Ghana.
- More than $700 billion in annual financing demand across Africa remains unmet in infrastructure, climate finance, trade finance, and MSMEs.
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