Nedbank


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.
Nedbank's primary market is South Africa. Nedbank also operates in six other countries in the Southern African Development Community, 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.
Nedbank is headquartered in Johannesburg. Market capitalization was ZAR125 billion, as of June 2018.

History

The bank was founded in 1888 in Amsterdam as the Nederlandsche Bank en Credietvereeniging voor Zuid-Afrika. 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. 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. 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 of Nedbank.
In 1992, Syfrets, UAL Merchant Bank, and Nedbank Investment Bank Division merged to become Nedcor Investment Bank. 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 Group

Nedbank Group is the holding company of all Nedbank's businesses, subsidiaries, associates and affiliates. The Nedbank Group's major subsidiary and associate companies include the following:

Local subsidiaries

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 ownerOwnership
Old Mutual Life Assurance Company Limited 46
Government Employees Pension Fund 11
Public Investment Corporation 10
Coronation Fund Managers 7
GIC Asset Management 5
Allan Gray Investment Management 4
BlackRock 4
The Vanguard Group 3
Lazard Asset Management 2
Nedbank Group share schemes 2
Sanlam Investment Management 2
Dimensional Fund Advisors 2