Stanbic Holdings Plc is reportedly in talks to acquire NCBA Group Plc in a transaction that would create Kenya’s third-largest lender. The acquisition would result in a unit with assets of about KSh 1.1 trillion.
Standard Bank Group which is the parent company of Stanbic is Africa’s largest bank by assets and owns 75% of the Kenyan outfit. The acquisition would effectively make it the third largest bank in the country behind Equity and KCB.
NCBA, currently valued at about KSh114 billion with assets standing at KSh656 billion and customer deposits of KSh496 billion as of the first quarter of 2025. Stanbic’s assets stood at about KSh774 billion in the same period, giving the merged entity an estimated combined asset base of roughly KSh1.1 trillion.
The transaction is expected to strengthen Standard Bank’s footprint across East Africa, where the group already operates in Kenya, Uganda, Tanzania, South Sudan, and Ethiopia. For NCBA, which has recently expanded its digital banking and insurance businesses, the merger could provide larger regional scale and capital flexibility.
Kenya’s banking sector, which includes around 40 commercial banks, has been under pressure to consolidate amid tougher capital rules and slower credit growth. A merger between Stanbic and NCBA would be the largest since the 2019 combination of NIC Bank and CBA Group that created NCBA.
NCBA Chief Executive John Gachora together with Stanbic Kenya CEO Joshua Oigara did not responded to Bloomberg’s requests for comment. Standard Bank said any announcements would be made through official regulatory channels.
NCBA share price surged 9.7% to KSh76.25 on the Nairobi Securities Exchange, a new all-time high, after reports of merger talks with Stanbic Holdings.