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Nedbank Group is a financial services group in South Africa offering wholesale and retail banking services as well as insurance, asset management, and wealth management. Nedbank Limited is a wholly owned subsidiary of Nedbank Group.
|Founded||1 March 1888|
|Headquarters||Sandton, South Africa|
|Mike Brown (CEO)|
Vassi Naidoo (Chairman)
|Revenue||R75.9 billion (2018)|
|R51.1 billion (2018)|
|R28.8 billion (2018)|
|Total assets||R1.04 trillion (2018)|
|Total equity||R91.3 billion (2018)|
Number of employees
|Subsidiaries||Nedbank Limited, and others|
|Capital ratio||11,7% (2018)|
Nedbank's primary market is South Africa. Nedbank also operates in six other countries in the Southern African Development Community (SADC), through subsidiaries and banks in Eswatini, Lesotho, Malawi, Mozambique, Namibia and Zimbabwe, as well as offices in Angola and Kenya. Outside Africa, Nedbank have offices to provide international financial services for Africa-based clients in Guernsey, Isle of Man, Jersey, the United Kingdom and the United Arab Emirates. In 2014, Nedbank acquired an associate stake of 20% in Ecobank. The Nedbank-Ecobank Alliance is the largest banking network in Africa, with more than 2,000 branches in 39 countries.
The bank was founded in 1888 in Amsterdam as the Nederlandsche Bank en Credietvereeniging voor Zuid-Afrika ("Dutch Bank and Credit Union for South Africa"). In the same year, the bank opened an office in Church Street, Pretoria, South Africa. In 1903, the company was renamed to Nederlandsche Bank voor Zuid-Afrika ("Dutch Bank for South Africa"). In 1906, the bank expanded and an office in London was opened. The bank split in 1951, renaming its South African counterpart as Nederlandse Bank in Suid-Afrika/Netherlands Bank of South Africa (NBSA). In 1969, the number of South African shareholders increased significantly and the company became 100% South African-owned after the Bank Mees and Hope sold 20% of its shares. The South African counterpart was completely independent. The Dutch counterpart of the bank no longer exists. Syfrets SA and Boland Bank listed on the Johannesburg Stock Exchange in 1969. In 1971, NBSA changed its name to Nedbank. Nedbank Group formed from the merger of Syfrets SA, Union Acceptances and Nedbank in 1973. In 1986, Old Mutual became the major shareholder (53%) of Nedbank.
In 1992, Syfrets, UAL Merchant Bank, and Nedbank Investment Bank Division merged to become Nedcor Investment Bank (NIB). Old Mutual, Nedcor's holding company, was demutualised and listed on the London Stock Exchange in 1999. It became a constituent of the FTSE 100 Index. Nedcor and Old Mutual joined in an offshore private banking venture and acquired the Isle of Man and Jersey private banking business of Robert Fleming & Co. in 2001.
The new Nedcor Group was formed on 1 January 2003, combining Nedcor, BoE, Nedcor Investment Bank, and Cape of Good Hope Bank into one legal entity. The Nedcor Group was renamed the Nedbank Group on 6 May 2005. As part of the managed separation, on 15 October 2018, Old Mutual reduced its shareholding in Nedbank Group to 19.9%.
- Nedbank Limited
- Syfrets Securities Limited
- Nedgroup Investments Proprietary Limited
- Nedgroup Private Wealth Stockbrokers Proprietary Limited
- Nedgroup Collective Investments (RF) Proprietary Limited
- Nedgroup Securities Proprietary Limited
- Nedgroup Private Wealth Proprietary Limited
- Nedbank Group Insurance Holdings Limited
- The Board of Executors
- Dr Holsboer Benefit Fund
Foreign subsidiaries and associatesEdit
- Banco Unico, SA (Mozambique)
- Ecobank Transnational Incorporated
- MBCA Bank Limited (Zimbabwe)
- Nedbank (Eswatini)
- Nedbank (Lesotho)
- Nedbank Namibia Limited
- Nedbank Limited (Malawi) - Until December 2019
- Nedbank Private Wealth Limited (Isle of Man)
- NedEurope Limited (Isle of Man)
- Nedgroup International Holdings Limited
- Nedgroup Investments Africa (Mauritius)
- Nedgroup Trust Limited (Jersey)
Nedbank shares are traded on the JSE under the share code NED and on the Namibian Stock Exchange under the share code NBK. As at 18 January 2019, the shareholding in the group's stock consisting of 497,053,536 issued shares rounded to the nearest digit was:
|Name of owner||Ownership
|Old Mutual Life Assurance Company Limited (SA)||46|
|Government Employees Pension Fund (SA)||11|
|Public Investment Corporation (SA)||10|
|Coronation Fund Managers (SA)||7|
|GIC Asset Management (Singapore)||5|
|Allan Gray Investment Management (US)||4|
|The Vanguard Group (US)||3|
|Lazard Asset Management (US)||2|
|Nedbank Group share schemes (SA)||2|
|Sanlam Investment Management (SA)||2|
|Dimensional Fund Advisors (US)||2|
- "Nedbank Group Preliminary Audited Results for the year ended 31 December 2018" (PDF). 30 December 2018. Retrieved 18 January 2020.
- "Nedbank Major subsidiary companies" (PDF). Nedbank.
- "Shareholding profile of Nedbank Group". Nedbank. 28 June 2019. Retrieved 18 January 2020.