End of an era for Nedbank

• Nedbank is transitioning from a South Africa-heavy lender to a Southern African-East African play, expanding its presence on the continent.
• The bank's acquisition of a 66% stake in East African lender NCBA will give it access to Kenya, Uganda, Rwanda, and Tanzania, and is expected to contribute 11% of Nedbank's headline earnings.
• The acquisition is expected to change Nedbank's earnings potential and how investors view the bank, with the goal of eventually achieving an 80-20 split between Southern and East African earnings.