View source for Nedbank

{{Use dmy dates|date= June 2018}}
{{short description|Financial services group in South Africa}}
{{Use South African English|date=June 2018}}
{{Infobox company
| name = Nedbank Group Limited
| logo = Nedbank logo.svg
| logo_size = 105px
| trading_name = Nedbank
| type = [[Public company|Public]]
| traded_as = {{jse|NED}}
| operating_income = {{Increase}} R51.1 billion (2018)
| net_income = {{Increase}} R28.8 billion (2018)
| assets = {{increase}} R1.04 trillion (2018)
| equity = {{Increase}} R91.3 billion (2018)
| foundation = {{Start date and years ago|1888|03|01|df=y}}
| location = [[Sandton]], [[South Africa]]
| area_served  = [[Southern Africa]]
| key_people   = Jason Quinn([[Chief Executive Officer|CEO]])
Michael Davis ([[Chief Financial Officer|CFO]])<br>
Mfundo Nkuhlu ([[Chief Operating Officer|COO]])<br>
David Crewe-Brown ([[Chief Risk Officer|CRO]])<br>
[[Daniel Mminele]] ([[Chairman]])
| num_employees = 31,277 (2018)
| subsid        = Nedbank Limited, and others
| ratio         = {{decrease}} 11,7% (2018)
| rating        =
| industry      = [[Banking]]
| products      = [[Financial services]]
| revenue       = {{Increase}} [[South African rand|R]]75.9 billion (2018)<ref name="2018FYR">{{cite web |url=https://nedbank.co.za/content/dam/nedbank/site-assets/AboutUs/Information%20Hub/Financial%20Results/Annual%20Results/2018/2018%20Nedbank%20Group%20Limited%20Annual%20Results%20SENS.PDF |title=Nedbank Group Preliminary Audited Results for the year ended 31 December 2018 |date=2018-12-30 |access-date=2020-01-18 }}</ref>
| homepage = {{url|http://www.nedbank.co.za/}}
}}
'''Nedbank Group''' is a [[financial services]] group in [[South Africa]] offering [[Wholesale banking|wholesale]] and [[retail banking]] services as well as [[insurance]], [[asset management]], and [[wealth management]]. Nedbank Limited is a wholly owned subsidiary of Nedbank Group.
[[File:Nedbank regional office in Cape Town, South Africa.jpg|thumb|Nedbank regional office in Cape Town, South Africa]]
Nedbank's primary market is South Africa. Nedbank also operates in five other countries in the [[Southern African Development Community]] (SADC), through subsidiaries and banks in [[Eswatini]], [[Lesotho]], [[Mozambique]], [[Namibia]] and [[Zimbabwe]], as well as offices in [[Ghana]] and [[Kenya]]. Outside Africa, Nedbank provide international financial services in the [[Isle of Man]], [[Jersey]], [[Guernsey]], the [[United Kingdom]] and the [[United Arab Emirates]].<ref>{{Cite web |date=2020-08-10 |title=JAC Group appointed by Nedbank |url=https://jac-group.co.uk/articles/nedbank-appoint-jac-group-for-their-london-office-move/ |access-date=2022-04-23 |website=JAC Group |language=en-GB}}</ref>
Nedbank is headquartered in [[Sandton]], north of [[Johannesburg]].<ref>{{Cite web |title=Nedbank Group Ltd |website=[[Bloomberg News]] |url=https://www.bloomberg.com/profile/company/NED:SJ}}</ref>
== History ==
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").<ref name="Stu01">{{Cite book |last=Jones |first=Stuart |url=http://archive.org/details/bankingbusinessi0000unse |title=Banking and business in South Africa |publisher=New York : St. Martin's Press |others=Internet Archive |year=1988 |isbn=978-0-312-00517-7}}</ref> In August that year, the bank opened an agency in Church Street, [[Pretoria]], [[South Africa]] with its mission being to provide credit and banking in and with South Africa.<ref name=Stu01/>{{rp|69}}
In 1903, the company was renamed to ''Nederlandsche Bank voor Zuid-Afrika'' ("Dutch Bank for South Africa").<ref name="Stu01" />{{rp|69}} In 1906, the bank expanded and an office in [[London]] was opened. In 1925, NBvZA merged with the ''Transvaalsche Handelsbank''.<ref name="Stu01" />{{rp|69}}
In May 1940, Germany invaded and occupied the Netherlands, and this impacted the management of the South African agency from latter country.<ref name=Stu01/>{{rp|69}} The South African head office and its branch in London had sufficient assets in sterling, dollars and gold to cover its liabilities.<ref name=Stu01/>{{rp|70}} As it was an agency and with its Dutch head office no longer in control, the South African government appoint a controller to run the bank until 1945.<ref name=Stu01/>{{rp|81}} Its share of the South African banking market in 1945 stood between 2 and 3 percent.<ref name=Stu01/>{{rp|83}}
The banks split on 15 January 1951, renaming its South African counterpart as Nederlandse Bank in Suid-Afrika/Netherlands Bank of South Africa (NBSA) with the Dutch bank (NBvZA) holding a 75% share in the new company.<ref name=Stu01/>{{rp|71}} On 1 October 1954, the ''Nederlandsche Bank en Credietvereeniging voor Zuid-Afrika'' (NBvZA) merged with ''Amsterdamnsche Goederen Bank'' becoming ''Nederlandse Overzee Bank'' (NOB).<ref name=Stu01/>{{rp|71}} In a NBSA shares issue in 1957, NOB maintained its shareholding at 75% but in December 1961, a new share issue by NBSA was not taken up by NOB and so the latter's shareholding dropped to 49 percent.<ref name=Stu01/>{{rp|73}} On 1 July 1964, NOB sold some of its shareholding in NBSA to the South African public which saw its holding of the latter drop to 25 percent.<ref name=Stu01/>{{rp|74}} NOB merged with ''Bankierscompagnie NV'' in 1968 and by the 1971 was called [[MeesPierson|Bank Mees]] [[Hope & Co.|and Hope]].<ref name=Stu01/>{{rp|74}} After a further share issue in 1968, the Mees en Hope's share in NBSA dropped to 20 percent.<ref name=Stu01/>{{rp|75}}
In July 1969, a decision to sell the remaining 20 percent was agreed too and the company became 100% South African-owned after the Mees en Hope Groep NV received payment for its remaining [[share (finance)|share]]s between August 1969 and 1 June 1970.<ref name=Stu01/>{{rp|75}} 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.<ref name=Stu01/>{{rp|69}}
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.<ref>{{Cite web |title=Group overview |url=https://www.nedbank.co.za/content/nedbank/desktop/gt/en/aboutus/about-nedbank-group/Group-overview.html |access-date=2022-04-23 |website=www.nedbank.co.za}}</ref>
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 [[demutualisation|demutualised]] and listed on the [[London Stock Exchange]] in 1999.<ref>{{cite news|url=https://www.news24.com/fin24/r1bn-in-mutual-shares-unclaimed-20060531|title= R1bn in Mutual shares unclaimed |newspaper= News 24|access-date=23 April 2022}}</ref>
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.<ref>{{Cite web |title=Nedbank: Banking - South Africa 2013 - Oxford Business Group |date=17 September 2013 |url=https://oxfordbusinessgroup.com/analysis/nedbank-banking}}</ref> The Nedcor Group was renamed the Nedbank Group on 6 May 2005. In August 2009, Nedbank acquired the 49.9% of Imperial Bank South Africa that it did not own, so Imperial Bank South Africa is wholly owned by Nedbank.<ref>{{Cite web |title=Business {{!}} IOL News |url=https://www.iol.co.za/business |access-date=2022-04-23 |website=www.iol.co.za |language=en}}</ref> In October 2014, Nedbank acquired a 20% stake in Ecobank, converting its $285 million claim in [[Ecobank]] into equity.<ref>{{Cite web |last=Bloomberg |title=Nedbank buys 20% stake in Ecobank for $493.4m |url=https://www.iol.co.za/business-report/companies/nedbank-buys-20-stake-in-ecobank-for-4934m-1759438 |access-date=2022-04-23 |website=www.iol.co.za |language=en}}</ref><ref>{{Cite web |last=Digital |first=Pii |date=2014-10-03 |title=SA's Nedbank acquires 20% stake in Ecobank - Brand South Africa |url=https://brandsouthafrica.com/nedbank-stakein-ecobank/ |access-date=2022-04-23 |language=en-ZA}}</ref>
==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:<ref>{{Cite web|url=https://www.nedbank.co.za/content/dam/nedbank/site-assets/AboutUs/About%20Nedbank%20Group/Group%20Profile/Facts%20About%20Us/Nedbank%20Major%20subsidiary%20companies.pdf|title=Nedbank Major subsidiary companies|website=Nedbank}}</ref>
=== Local subsidiaries ===
* 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 associates ===
* Ecobank Transnational Incorporated
* MBCA Bank Limited (Zimbabwe)
* Nedbank (Eswatini)
* Nedbank (Lesotho)
* Nedbank Namibia Limited
* Nedbank Limited (Malawi) – Until December 2019
* Nedbank (Mozambique)<ref>{{cite web| url=https://allafrica.com/stories/202106280842.html |date=28 June 2021 |title=Mozambique: Banco Unico Becomes Nedbank-Mozambique |
work=Mozambique News Agency |access-date=30 June 2021 | author=Mozambique News Agency |location=Maputo |format=via [[AllAfrica.com]]}}</ref>
* Nedbank Private Wealth Limited (Isle of Man)<ref>{{cite web| url=https://nedbankprivatewealth.com/ |title=Nedbank Private Wealth International | author=Nedbank Private Wealth |location=UK |format=via [[nedbankprivatewealth.com]]}}</ref>
* NedEurope Limited (Isle of Man)
* Nedgroup International Holdings Limited
* Nedgroup Investments Africa ([[Mauritius]])
==Ownership==
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:<ref>{{Cite web|url=https://www.nedbank.co.za/content/nedbank/desktop/gt/en/investor-relations/investor-center/ordinary-shareholder-s-profile.html|title=Shareholding profile of Nedbank Group|date=28 June 2019|website=Nedbank|access-date=18 January 2020}}</ref>
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
|+ '''Nedbank Group'''
!Name of owner!!Ownership
(%)
|-
|[[Old Mutual|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 Private Limited|GIC]] Asset Management (Singapore) || 5
|-
|[[Allan Gray Investment Management]] (US)|| 4
|-
|[[BlackRock]] (US)|| 4
|-
|[[The Vanguard Group]] (US)
|3
|-
|[[Lazard|Lazard Asset Management]] (US)|| 2
|-
| Nedbank Group share schemes (SA) || 2
|-
|[[Sanlam]] Investment Management (SA) || 2
|-
|[[Dimensional Fund Advisors]] (US)
|2
|-
|}
==See also==
{{Portal|Banks}}
*[[BoE Stockbrokers]]
*[[List of banks in South Africa]]
*[[Economy of South Africa]]
*[[South African Reserve Bank]]
==References==
{{reflist|2}}
{{Authority control}}
{{Banks of South Africa}}
{{Witwatersrand companies}}
[[Category:Banks of South Africa]]
[[Category:Defunct banks of the Netherlands]]
[[Category:Banks established in 1888]]
[[Category:Companies established in 1888]]
[[Category:1888 establishments]]
[[Category:Companies based in Johannesburg]]
[[Category:South African brands]]
[[Category:Companies listed on the Johannesburg Stock Exchange]]
[[Category:Companies in the FTSE/JSE Top 40 Index]]
[[Category:Publicly traded companies]]