Nedbank – Who we are

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Nedbank – Who we are

Group – Overview

Our ordinary shares have been listed on JSE Limited (the JSE) since 1969 and on the Namibian Stock Exchange since 2007. We are a JSE Top 40 company with a market capitalisation of R93 billion as at 31 December 2024. Old Mutual plc is our majority shareholder and has 54,6% ownership of Nedbank Group.
 

What we offer

  • A wide range of wholesale and retail banking services.
  • A growing insurance, asset management and wealth management offering.

These solutions are offered through our frontline clusters Nedbank Corporate and Investment Banking, Nedbank Retail and Business Banking, Nedbank Wealth and the Rest of Africa.
 

Our presence in South Africa and beyond

  • Nedbank Group’s primary market remains South Africa, however, we are continuing to expand into the rest of Africa.
  • We have a presence in six countries in the Southern African Development Community (SADC) and East Africa region where we own subsidiaries and banks in Namibia, Swaziland, Malawi, Mozambique, Lesotho, Zimbabwe, as well as representative offices in Angola and Kenya.
  • In West and Central Africa we follow a partnership approach and concluded the acquisition of an approximate 20% shareholding in Ecobank Transnational Incorporated (ETI) in 2014, enabling a unique one-bank experience to our clients across the largest banking network in Africa, comprising more than 2 000 branches in 39 countries

Nedbank Group history

Nedbank’s history traces back to the early 19th century with the establishment of the Cape of Good Hope Bank in 1831.
Following successive branding and structural changes, from The Nederlandsche Bank voor Zuid-Africa to the Netherlands Bank of South Africa (NBSA), to Nedcor Group in the 1980s, Nedbank Group was formed in 2003.
Today we have strategic alliances across the globe, and are proud of our reputation as one of the most transformed banks in South Africa.
2024

  • Banco Unico – acquired 50% plus one share in October 2024

2024

  • BBBEE transaction introduced in 2024 has enabled value creation for over 500 000 beneficiaries.
  • Nedbank Capital and Nedbank Corporate integrated into one wholesale business cluster, Nedbank Corporate and Investment Bank.

2014

  • Nedbank concluded the acquisition of an initial 36,6% shareholding (with a pathway to control in 2024) of Banco Único in Mozambique.
  • Nedbank exercised its rights to become a 20% shareholder in Ecobank Transnational Incorporated (ETI).
  • Nedbank named Bank of the Year for 2014 Financial Times’s The Banker magazine.

2013

  • Nedbank named Bank of the Year for 2013 Financial Times’s The Banker magazine.
  • Nedbank App Suite™ won MTN Consumer App of the Year award.

2012

  • “Innovations launched include Nedbank Approve-it™, an interactive secure transaction authentication system; our home loans online channel; MyFinancialLife™, a free online financial management tool; and Small Business Friday™ in association with the National Small
    Business Chamber.”
  • “Nedbank was recognised by Euromoney as the best bank in South Africa in 2012.”
  • “Received the Financial Times 2012 Sustainable Bank of the Year for Africa and the Middle East award as well as African Business Environmental Sustainability in Africa 2012 award.”

2011

  • Nedbank deepened its strategic alliance with Ecobank by providing a facility in support of Ecobank’s corporate development programmes, including its transformational banking acquisition in Nigeria, and in so doing secured rights to acquire up to 20% of Ecobank Transnational Incorporated.
  • Nedbank named South African Bank of the Year for 2011 by Financial Times’s The Banker magazine.
  • Launched South Africa’s first green index – the Nedbank Green Index.
  • Nedbank Capital secured a 37% share of the funding in the first phase of South Africa’s Renewable Energy Independent Power Producer Procurement Programme.
  • Nedbank opened the first wind-powered branch in Dunoon, Western Cape

2010

  • Acquired the remaining 49,9% of Imperial Bank, with full integration from October 2010.
  • Announced the group’s four key strategic focus areas: Growing non-interest revenue, repositioning Nedbank Retail implementing portfolio tilt towards businesses that generate higher levels of economic profit and growing Nedbank’s business in the rest of Africa.
  • Received approval of the Advanced Management Approach for operational risk and Internal Measurement Approach for market risk by the South African Reserve Bank.
  • In partnership with Vodacom, Nedbank launched the m-pesa cellphone banking solution.
  • Nedbank and the World Wide Fund for Nature officially crossed the R100 million threshold in funds donated towards environmental sustainability.
  • Nedbank became the first African bank to achieve carbon neutrality.
  • Nedbank Group ranked by Financial Mail as South Africa’s third-most empowered company.

2000’s
2009

  • Bought out Old Mutual’s stake in the bancassurance and wealth joint ventures.
  • Received regulatory and Competition Commission approval to acquire the Imperial Bank minorities to create South Africa’s second-largest vehicle finance business.
  • Announced Mike Brown as Nedbank Group’s new Chief Executive Officer from March 2010.
  • Appointed new leadership team, further transforming management and enhancing client-centred structure.
  • Made significant progress in transformation – attained level-two broad-based black economic empowerment status in terms of Department of Trade and Industry codes.

2008

  • Announced groundbreaking alliance with Ecobank to strengthen and expand Nedbank’s African presence.
  • Undertook client-focused restructuring and made new executive appointments to include Business Banking and Corporate Banking on the Group Executive Committee.
  • Eyethu black economic empowerment (BEE) scheme paid out R63 million to clients.
  • Introduced the Basel II Advanced Internal Ratings-based approach for credit risk management in Nedbank.

2007

  • Group delivered successfully on the financial targets set at the start of the strategic recovery programme in 2004 of a 20% return on equity and 55% efficiency ratio.
  • Secured the Western Cape Government transaction and five municipalities as the first successes of the public sector bank-of-choice strategy.
  • Integrated Old Mutual Bank into Nedbank Retail.
  • Granted Nedbank’s first mass-market sponsorship, namely the Nedbank Cup in the Premier Soccer League.

2006

  • Unveiled Nedbank’s BEE transaction in Namibia.

2005

  • Changed the name of the holding company from Nedcor Limited to Nedbank Group Limited.
  • Announced the group’s BEE deal: ‘Eyethu’ – the first truly broad-based deal with tens of thousands of stakeholders.

2004

  • Watershed year for the group as both structural and strategic changes were implemented to restore the performance of the group and lay a foundation for sustainable growth into the future.
  • Raised R5 billon in a rights issue.

2003

  • The new Nedcor Group was formed, combining Nedcor, BoE, Nedcor Investment Bank (NIB) and Cape of Good Hope Bank.

2002

  • Nedcor and BoE merged.
  • NIB minority shares acquired and NIB delisted.

2001

  • Permanent Bank and Old Mutual Bank merged.

2000

  • FBC Fidelity Bank was acquired.

1990’s
1999

  • Nedbank Private Bank and Syfrets Private Bank merged to create the largest private bank in South Africa.
  • BoE merged with Natal Building Society (NBS) and Boland.

1998

  • NBS merged with Boland Bank to form NBS Boland.

1997

  • Syfrets merged with UAL Merchant Bank and Nedbank Investment Bank Division to form the listed NIB.

1995

  • Perm split its operations into Permanent Bank and Peoples Bank.

1992

  • Nedfin, Perm and Nedbank became known as Nedcor Bank, a wholly owned subsidiary of Nedcor.

1990

  • Nedbank in association with the World Wide Fund for Nature launched The Green Trust.

1980’s
1989

  • Nedbank Group changed its name to Nedcor.

1988

  • Nedbank merged with Permanent Building Society to form NedPerm Bank.

1986

  • Old Mutual became the major shareholder (53%) of Nedbank.
  • Nedbank Investment Bank was created as a result of the acquisition of Finansbank Limited.

1983

  • Nedbank became the first bank in South Africa to pay interest on current accounts.

1970’s
1976

  • The Credit Corporation of South Africa, established in 1946, became Nedfin Bank.

1973

  • Nedbank Group formed from the merger of Syfrets South Africa and Union Acceptances and Nedbank.

1971

  • The Netherlands Bank of South Africa (NBSA) changed its name to Nedbank.

1970

  • The merchant bank Finansbank was established.

1960’s
1969

  • The South African shareholding in NBSA increased to 100%. Syfrets SA was listed on The Johannesburg Stock Exchange (JSE).
  • Boland Bank was listed on the JSE.

1967

  • Nedbank introduced American Express® Card Service through the issue of the American Express Gold Card.

1964

  • NBSA became the first bank to introduce computerised banking services.

1950’s
1951

  • The Nederlandsche Bank voor Zuid-Afrika (NBZA) was established as a South African banking company and changed its name to the NBSA.

1940’s
1946

  • The Credit Corporation of South Africa was established.

1920’s
1925

  • NBZA merged with the Transvaalsche Bank en Handelsvereeniging, which had been founded in 1892.

1900’s
1903

  • The Nederlandsche Bank en Credietvereeniging voor Zuid-Afrika (NBCV) changed its name to NBZA.

1900

  • Boland Bank was established as a regional general bank.

1890’s
1892

  • Transvaalsche Bank en Handelsvereeniging was formed.

1892

  • The Kimberley Permanent Mutual Building and Investment Society changed its name to South African Permanent Building and Investment Society, later known as Perm.

1880’s
1888

  • NBCV was founded.

1882

  • The NBS was established.

1840’s
1841

  • Kimberley Permanent Mutual Building and Investment Society was inaugurated.

1830’s
1838

  • The Board of Executors was established in Cape Town as a trust company.

1831

  • Cape of Good Hope Bank was established.