Nedbank’s East Africa Push Comes at a Premium With NCBA Purchase

Nedbank Group Ltd. is executing a plan to boost its footprint across the continent and challenge bigger rivals, with the South African lender offering a premium to buy a majority stake in Kenya’s NCBA Group Plc.

South Africa’s fourth-largest lender said it will acquire about 66% of NCBA for around 13.9 billion rand ($855 million) in a transaction involving cash and shares as part of its strategy to limit reliance on its home market and to diversify revenue streams.