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Focus areas for 2009
During 2008 the strategy was further refined by anticipating changing global and local events and conducting scenario planning exercises to identify the appropriate course of action. As a result the focus areas of the group for 2009 have been refined:
MANAGING FOR VALUE (GROW OUR SHARE OF ECONOMIC PROFIT)
‘Managing for value’ implies a true understanding of risks vs returns. Economic profit has become an important measure when deciding on where and how to grow our various business units. Our focus has shifted away from advances market share growth to growing our share of economic profit. We will deliver on our strategies to grow economic profit by focusing on liability and deposit growth, selected and profitable advances growth, appropriate asset pricing, managing our risks appropriately, transactional banking and primary client growth, cross-sell and smart cost management. These initiatives will support our Grow Retail, Lead in Business Banking and Become Public Sector Bank of Choice thrusts. In addition we will optimise and grow operations in existing South African Development Community (SADC) countries (three-tiered African strategy), leverage our recently announced Ecobank alliance and provide boutique investment banking expansion in Africa.BECOME CLIENT-DRIVEN
Great at listening, understanding clients’ needs and delivering are at the heart of our strategy and are summarised as being client-driven. We believe that there is no sustainable competitive advantage for Nedbank in product, price or distribution and as such our focus will continue to be on delivering worldclass service on a continual basis.MANAGE RISK AS AN ENABLER
We will focus on proactive capital management and proactively managing the liquidity and funding of the bank. We will increase return on deployed capital by optimising regulatory and economic capital through granular and accurate risk assessment.In the deteriorating economic environment we will focus on managing the bank through this downward cycle. Managing our risks, especially through our credit policies, collections activities and risk management policies will be key.
ENHANCE PRODUCTIVITY AND EXECUTION
The group will increase its focus on lean practices to improve the client experience, while saving money. Smart cost management in these uncertain times is increasingly important.BUILD A UNIQUE CULTURE
A differentiated corporate culture can build a sustainable long-term competitive advantage and will help to attract and retain talented staff. The various management and leadership development programmes are key enablers. We need to become the employer of choice, recognising that market competition for talent is increasing. Continued focus on making Nedbank a great place to work will help us retain and attract the best people.ACCELERATE TRANSFORMATION
Transformation is essential to our sustainability as a business and is a business imperative, and as a bank we have to remain socially relevant. Delivering key projects and initiatives to meet Financial Sector Charter (FSC), Department of Trade and Industry (dti) and Employment Equity (EE) targets will remain focus areas. Transforming our organisation into a truly South African bank as seen by all our stakeholders will set us apart from our peers, while we play an increasing role in uplifting our country and its people.LEAD AS A CORPORATE CITIZEN
Social and environmental issues are important to clients and stakeholders. As environmental issues become more prominent and our country struggles with its socioeconomic issues, Nedbank as a leader in the sustainability space will continue to enhance its actions and increase its role in making a difference to our communities and environment. Our focus is to establish Nedbank as the caring bank – smart with heart.
| This page was updated on 25 June, 2009 |  Return to top |
