Nairobi — South African lender Nedbank Group has completed the acquisition of a 66 percent stake in NCBA Group after securing regulatory approvals, making the Kenyan bank a subsidiary of the Johannesburg-listed lender.

The deal follows a share offer that attracted tenders for 79.9 percent of NCBA's issued shares. Nedbank scaled back excess applications to secure its targeted stake, leaving the remaining 34 percent in public hands.

NCBA shares will be suspended from trading on the Nairobi Securities Exchange from the close of business on October 21 to November 2 as the share register is reconciled. The transfer of shares to Nedbank and payment to shareholders are scheduled for November 3.

NCBA will retain its name, Nairobi headquarters and local management following the acquisition. Its branches, digital banking platforms and existing customer services will continue operating as before, the bank said.

Keep up with the latest headlines on WhatsApp | LinkedIn

Nedbank's acquisition gives it a foothold in East Africa through NCBA, which operates in Kenya, Uganda, Tanzania, Rwanda, Ivory Coast and Ghana. The lender serves more than 60 million customers through 122 branches across the six markets.

NCBA Chief Executive John Gachora said the deal would support the bank's regional expansion and allow it to offer a wider range of financial products.

Nedbank has operations across Southern Africa, including Namibia, Zimbabwe, Mozambique, Lesotho and Eswatini, as well as offshore centres in London, Dubai, the Isle of Man and Jersey.

The transaction brings the two banking groups under common ownership while NCBA remains listed on the NSE, with public investors retaining a 34 percent stake.