Nedbank Group Is A Financial Services Group In South Africa That Provides 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 Regional Office In Cape Town, South Africa
Nedbank's Primary Market Is South Africa. Nedbank Also Operates In Five Other Countries Of The Southern African Development Community (SADC) Through Banks In Swaziland, Lesotho, Mozambique, Namibia And Zimbabwe, As Well As Offices In Ghana And Kenya. Outside Of Africa, Nedbank Provides International Financial Services In The Isle Of Man, Jersey, Guernsey, The United Kingdom And The United Arab Emirates.
Nedbank Is Headquartered In Sandton, North Of Johannesburg.
History
The Bank Was Founded In Amsterdam In 1888 As Nederlandsche Bank En Credietvereeniging Voor Zuid-Afrika ("ABN Amro Bank And Credit Union Of South Africa"). In August Of The Same Year, The Bank Opened An Agency In Church Street, Pretoria, South Africa, With The Mission Of Providing Credit And Banking In South Africa.
In 1903, The Company Was Renamed Nederlandsche Bank Voor Zuid-Afrika ("ABN Amro Bank Of South Africa"). In 1906, The Bank Expanded And Opened An Office In London. In 1925, NBvZA Merged With Transvaal Commercial Bank.
In May 1940, Germany Invaded And Occupied The Netherlands, Which Affected The Management Of South African Institutions In The Netherlands. The South African Headquarters And Its Branches In London Had Enough Assets In Pounds Sterling, Dollars And Gold To Pay Its Debts. As It Was An Institution And Its Dutch Headquarters Was No Longer Under Control, The South African Government Appointed A CFO To Run The Bank Until 1945. In 1945, Its Share Of The South African Banking Market Was Between 2% And 3%.
The Two Banks Split On 15 January 1951, Renaming Their South African Counterpart ABN Amro As South African Southern Africa/ABN Amro Bank (NBSA). ABN Amro Bank (NBvZA) Held A 75% Stake In The New Company. On 1 October 1954, ABN Amro Southern Africa Bank (NBvZA) Merged With Amsterdam Goederen Bank To Become Dutch Overzee Bank (NOB).: 71 In The 1957 NBSA Share Issue, NOB Kept Its Shareholding Ratio At 75%, But In December 1961, The New Share Issue Of NBSA Was Not Accepted By NOB, So The Latter's Shareholding Ratio Fell To 49%. On July 1, 1964, NOB Sold Part Of Its Stake In The NBSA To The South African Public, With The Latter's Shareholding Ratio Falling To 25%. NOB Merged With Bankierscompagnie NV In 1968 And By 1971 Was Known As Bank Mees And Hope. After Another Share Issue In 1968, Mees En Hope's Share In The NBSA Fell To 20%.
In July 1969, After Mees En Hope Groep NV Received Payment For The Remaining Shares For The Period August 1969 To June 1, 1970, The Company Also Agreed To Sell The Remaining 20% And The Company Became 100% South African Owned. The South African Counterpart Is Completely Independent. The Bank's Dutch Counterpart No Longer Exists. Syfrets SA And Boland Bank Were Listed On The Johannesburg Stock Exchange In 1969. In 1971, The NBSA Was Renamed Nedbank.
The Nedbank Group Was Formed In 1973 By The Merger Of Syfrets SA, Union Acceptances And Nedbank. In 1986, Old Mutual Became A Major Shareholder (53%) In Nedbank.
In 1992, Syfrets, UAL Merchant Bank And Nedbank Investment Bank Division Merged To Form Nedcor Investment Bank (NIB). In 1999, Old Mutual, Nedcor's Holding Company, Was Demutualized And Listed On The London Stock Exchange.
The New Nedcor Group Was Formed On 1 January 2003 By Merging Nedcor, The Bank Of England, Nedcor Investment Bank And Cape Bank Into One Legal Entity. On 6 May 2005, The Nedcor Group Was Renamed The Nedbank Group. In August 2009, Nedbank Acquired A 49.9% Stake In Imperial Bank South Africa, Making Imperial Bank South Africa Wholly Owned By Nedbank. In October 2014, Nedbank Acquired A 20% Stake In Ecobank, Converting Its $285 Million Debt In Ecobank Into Equity.
Nedbank Group
Nedbank Group Is The Holding Company For All Of Nedbank's Businesses, Subsidiaries, Associates And Affiliates. Nedbank Group's Principal Subsidiaries And Affiliates Include:
Local Subsidiaries
- Nedbank Limited
- Syfrets Securities Limited
- Nedgroup Investments Proprietary Limited
- Nedgroup Private Wealth Stockbrokers Proprietary Limited
- Nedgroup Collective Investments (RF) Proprietary Limited
- Nedgroup Collective Investments (RF) Proprietary Limited
- Nedgroup Securities Proprietary Limited
- Nedgroup Securities Proprietary Limited
- Nedgroup Private Wealth Proprietary Limited
- Nedbank Group Insurance Holdings Limited
- Board Of Executors
- Dr. Holsboer Public Welfare Fund
Foreign Subsidiaries And Associates
- Ecobank Transnational Incorporated
- MBCA Bank Limited (Zimbabwe)
- Nedbank (Swaziland)
- Nedbank (Lesotho)
- Nedbank Namibia Limited
- Nedbank Limited (Malawi) - As Of December 2019
- Nedbank (Mozambique)
- Nedbank Private Wealth Limited (Isle Of Man)
- NedEurope Limited (Isle Of Man)
- Nedgroup International Holdings Limited (Nedgroup International Holdings Limited)
- Nedgroup Investments Africa (Mauritius))
