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The announcement follows the closure of the offer on July 10, 2026, after which Nedbank published preliminary results showing that shareholders had tendered a substantial portion of NCBA's issued ordinary shares.
CBK said the approval was granted on August 28 under Section 13(4) of the Banking Act, with the transaction expected to take effect once the agreement between the two companies is completed
In a public announcement dated February 23, 2026, the South African banking group said the exemption satisfies a key condition tied to its intention to acquire approximately 66 per cent of the issued ordinary shares in NCBA from existing shareholders on a pro rata basis.