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Founded 1 March 1888; 129 years ago (1888-03-01) Key people Michael William Thomas Brown (CEO)Raisibe Morathi (CFO)Mfundo Nkuhlu (COO)Trevor Adams (CRF)Vassi Naidoo (Chairman) Stock price NED (JSE) 26,458.00 ZAC +89.00 (+0.34%)23 Mar, 11:33 AM GMT+2 - Disclaimer CEO Michael William Thomas Brown (1 Mar 2010–) Profiles | ||
Nedbank is one of the largest banks in South Africa; however, it is one of the newest banks to be incorporated. It is headquartered in Johannesburg. Market capitalization was ZAR:120 billion (approximately US$9.85 billion), as of 30 June 2015.
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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 Pretoria, South African Republic; in 1898 the bank moved its office to Church Square. 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 part as Nederlandse Bank in Suid-Afrika Beperk/Netherlands Bank of South Africa Limited. The number of South African shareholders increased greatly, and in 1969 the company became 100% South African-owned after the Bank Mees en Hope sold 20 percent of its shares. The South African part was completely independent. The Dutch part of the bank no longer exists; it's currently part of ABN AMRO.
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, which is now fully owned by Nedbank.
According to a financial investigation ordered by SA government in 1997 the South African Reserve Bank gave Nedbank an illegal gift of more than 100 million Rand in 1985. The report states that with accumulated interest, the state can and should claim 500 million Rand from Nedbank for its theft from the state.
Nedbank Group
Nedbank Group is the holding company of all Nebank's businesses, subsidiaries and affiliates. Those subsidiaries and affiliates include the following:
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 South African government had approved the deal and it had gone through, the buyout would have given HSBC a strong foothold in Africa's financial services sector. On 15 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.
Ownership
The shares of the stock of Nedbank Group are traded on the JSE and on the Namibian Stock Exchange. As at June 30, 2015, the shareholding in the group's stock consisting of 494,411,956 shares was as depicted in the table below: