Permanent Bank (South Africa)

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 (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.

Nedbank is headquartered in Johannesburg.

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"). 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.

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. 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. In October 2014, Nedbank acquired a 20% stake in Ecobank, converting its $285 million claim in Ecobank into equity.

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 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)
* Nedbank Private Wealth Limited (Isle of Man)
* 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:

See also

*BoE Stockbrokers
*List of banks in South Africa
*Economy of South Africa
*South African Reserve Bank

References

{{Banks of South Africa

Banks of South Africa
Defunct banks of the Netherlands
Banks established in 1888
Companies established in 1888
1888 establishments
Companies based in Johannesburg
South African brands
Companies listed on the Johannesburg Stock Exchange
Publicly traded companies