- Nedbank
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Nedbank 
Type Public (JSE: NED) Industry Banking Founded 1888 Headquarters Sandton, South Africa Area served South Africa Key people Michael William Thomas Brown (CEO)
Reuel Khoza (Chairman)
Raisibe Morathi (CFO)
Graham Dempster (COO)Products Financial Services Revenue 
R8.1 billion (US$1.16 billion) (FY 2009)[1]Total assets US$73+ billion (ZAR510 Billion) (2009)[2] Employees 22,000+ (2009)[3] Website Homepage Nedbank is one of the largest banks in South Africa; however it is one of the newest banks to be incorporated in South Africa. It is headquartered in Johannesburg. Market capitalization was ZAR:509.7 billion (approximately US$73 billion), as of 31 December 2009.
Contents
History
Originally founded in 1888 in Amsterdam as the Nederlandsche Bank en Credietvereeniging voor Zuid-Afrika ("Dutch Bank and Credit Union for South Africa"). In 1903 the company was renamed into Nederlandsche Bank voor Zuid-Afrika ("Dutch Bank for South Africa"). In 1906, the bank expanded and opened an office in London. The bank expanded to South Africa in 1951, incorporating as the Nederlandse Bank in Suid-Afrika Beperk/Netherlands Bank of South Africa Limited. The amount of South African shareholders increased greatly, and in 1969 the company was 100 percent South African after the Bank Mees en Hope bought 20 percent of shares.
In 1992, the name of the bank was changed to Nedcor Bank Limited, of which Nedbank became the largest division. In 1992, Syfrets, UAL, and Nedbank Investment Bank 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. Nedbank 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. Nedbank headquarters are in Sandton, South Africa. In August 2009, Nedbank bought the remaining 49.9% of Imperial Bank South Africa, so Imperial Bank South Africa is now fully owned by Nedbank.[4]
Nedbank Group
Nedbank Group is the holding company of all Nebank's businesses, subsidiaries and affiliates. Those subsidiaries and affiliates include the following:[5]
- South African Subsidiaries
- Nedbank Limited - 100% shareholding
- Imperial Bank South Africa - `100% shareholding
- Nedcor Investment Limited - 100% shareholding
- Nedgroup Investment 102 Limited - 100% shareholding
- B.o.E. Holdings Limited - 100% shareholding
- Nedgroup Collective Investments Limited - 100% shareholdings
- The Board of Executors - 100% shareholding
- Nedgroup Wealth Management Limited - 100% shareholding
- NBS Boland Group Limited - 100% shareholding
- B.o.E Life Limited - 100% shareholding
- Nedgroup Securities (Pty) Limited - 100% shareholding
- Foreign Subsidiaries
- NedEurope Limited - 100% shareholding
- Nedbank Malawi Limited - 97% shareholding
- NedNamibia Holdings Limited - 100% shareholding
- Tando AG - 100% shareholding
- Alliance Investments Limited - 100% shareholding
- MN Holdings Limited - 100% shareholding
- MBCA Bank Limited - 70.4% shareholding
- Nedbank Lesotho Limited - 100% shareholding
- Nedbank Swaziland Limited - 67.2% shareholding
- Nedcor Trade Services Limited - 100% shareholding
HSBC Buyout Bid
On 23 August 2010, HSBC made an offer to buy up to 70% of Nedbank in a deal worth R49,9 billion (US$6.8 billion). If the deal had obtained South African government approval and gone through the buyout would have given HSBC a strong foothold in the African financial services sector.[6] On the 15th October 2010 HSBC withdrew its offer to Nedbank following the expiration of the agreed exclusivity period. If the deal had gone through it could have been worth an estimated R45 billion.[7]
See also
- BoE Stockbrokers
- List of banks in South Africa
- Economy of South Africa
- South African Reserve Bank
References
- ^ Fin24, 'Footprint frustrates Nedbank'
- ^ Total Assets Under Management December 2009
- ^ Nedbank Employs Over 22,000 People In 2009
- ^ Nedbank buys out Imperial Bank for US$226m
- ^ Affiliates And Subsidiaries Of Nedbank Group
- ^ HSBC to buy up to 70% of Nedbank, Mail & Guardian, DAVID DOLAN AND KELVIN SOH, 23 Aug 2010
- ^ Chinese Abandon Nedbank Bid, Times Live, By Sapa ,15 October 2010, 4:32pm
External links
Banks of South Africa Central bank The "big four" commercial banks Defunct Other African Bank · Bidvest Bank · Capitec Bank · FirstRand Bank · Grindrod Bank · Imperial Bank South Africa · Investec Bank · Sasfin Bank · Teba Bank Limited · Postbank · Development Bank of Southern Africa · Land and Agricultural Development Bank of South AfricaCategories:- Companies listed on the Johannesburg Stock Exchange
- Banks of South Africa
- Banks established in 1888
- Companies based in Johannesburg
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