Nairobi, June 28 -- The proposed acquisition of a 66 percent shareholding in NCBA Group by South Africa's Nedbank Group has secured unconditional approval from two key regional competition regulators, moving the cross-border banking deal a step closer to completion.

The Common Market for Eastern and Southern Africa Competition Commission (CCCC) and the East African Community Competition Authority (EACCA), have both approved the proposed transaction.

In its decision, the CCCC said the transaction was unlikely to negatively affect competition in the three Comesa markets where NCBA operates, paving the way for an unconditional clearance.

"The merger was not likely to substantially prevent competition in the Common Market or a substantial ...