Standard Bank Group Ltd.’s Kenyan subsidiary is in advanced talks to acquire NCBA Group Plc, according to people familiar with the matter, in a deal that could reshape Kenya’s competitive banking landscape.
The discussions, which remain private, could result in one of the largest banking transactions in East Africa in recent years, potentially creating the third-largest lender in Kenya by assets, behind KCB Group Plc and Equity Group Holdings Plc.
NCBA, formed in 2019 through the merger of Commercial Bank of Africa and NIC Group, has grown into a key player in Kenya’s digital banking space through innovations such as M-Shwari, its mobile savings and loan platform developed with Safaricom Plc. A deal with Standard Bank would give the South African lender deeper access to the fast-growing retail and SME segments driven by mobile finance.
While no final decision has been reached, and terms of the potential acquisition remain under discussion, a successful transaction would further consolidate Kenya’s banking sector, which has seen a wave of mergers and acquisitions in the past decade as lenders seek scale and digital efficiency.
Standard Bank, Africa’s largest bank by assets, has been expanding its footprint across the continent, with Kenya seen as a strategic market for East African growth. NCBA, meanwhile, has diversified beyond retail banking into asset finance, regional expansion, and digital ecosystems, making it an attractive target for investors seeking both scale and innovation.
Officials from both banks declined to comment on the ongoing talks.
