Shares of NCBA Group surged on the Nairobi Securities Exchange on Tuesday as reports emerged that Standard Bank Group is in talks to acquire the Kenyan lender. The stock jumped to Sh76 from Sh69, reflecting investor optimism amid potential consolidation in the banking sector.
According to anonymous sources speaking to Bloomberg, discussions between NCBA and Standard Bank, through its local subsidiary Stanbic Bank Kenya, are ongoing.
There is no certainty that a deal will be finalized, but both parties aim to conclude negotiations in the coming months. NCBA CEO John Gachora and Stanbic CEO Joshua Oigara have yet to comment, while Standard Bank said any official statement would be made through regulatory channels.
If completed, the acquisition could create Kenya’s third-largest bank by assets, with total assets estimated at Sh1.1 trillion ($8.5 billion), trailing only Equity Group Holdings and KCB Group.
NCBA’s market capitalization currently stands at Sh114.5 billion, with its shares having risen 73% over the past year. On Tuesday morning, NCBA stock climbed 9.7% to Sh76.25, while Stanbic’s shares increased 0.3% to Sh199, marking a 65% gain over 12 months.
The potential deal comes as Kenya’s banking sector experiences a wave of consolidation. In April 2025, Access Bank PLC acquired 100% of National Bank of Kenya from KCB Group, following approvals from the Central Bank of Kenya and the National Treasury.
Earlier in June, Nigerian fintech Moniepoint Inc. secured approval to acquire a 78% stake in Sumac Microfinance Bank, marking its entry into the Kenyan market while retaining all existing employees.
Standard Bank Group, based in South Africa, is Africa’s largest bank by assets and market capitalization, with operations in over 20 Sub-Saharan African countries and offices in four global financial centers.
The bank offers a broad range of services, including retail and corporate banking, investment banking, and insurance.
NCBA Group, formed in 2019 from the merger of NIC Group and Commercial Bank of Africa (CBA), is one of Kenya’s leading financial institutions. Headquartered in Nairobi, it offers retail, corporate, and asset finance services across Kenya, Uganda, Tanzania, Rwanda, and the Ivory Coast.
The bank is also known for innovative digital products, notably M-Shwari, a mobile savings and loan platform developed in partnership with Safaricom.