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Nedbank Group history
Bought out Old Mutual stakes in the bancassurance and wealth joint ventures.
Received regulatory and Competition Commission approval to acquire the Imperial Bank minorities to create South Africa’s second largest vehicle finance business.
Announced Mike Brown as Nedbank Group’s new Chief Executive Officer from March 2010.
Appointed new leadership team, further transforming management and enhancing client-centric structure.
Nedbank committed itself to becoming the first SA corporate that is carbon-neutral.
Significant progress in transformation – attained level-two broad-based black economic empowerment status in terms of dti Codes.
Nedbank rated number one in Ask Afrika Orange Index client service survey for the second successive year.
Announced groundbreaking alliance with Ecobank to strengthen and expand Nedbank’s African presence.
Client-focused restructuring and new executive appointments to include Business Banking and Corporate Banking on the Group Executive Committee.
Integrated Go Banking into Nedbank.
Eyethu black economic empowerment (BEE) scheme paid out R63 million to clients to date.
Introduced the Basel II Advanced Internal Ratings-based (AIRB) approach for credit risk management in Nedbank.
» 2006
Unveiled Nedbank’s BEE transaction in Namibia.
The group successfully delivered on the threeyear financial targets set at the start of the strategic recovery programme in 2004 of a 20% ROE and 55% efficiency ratio.
Secured the Western Cape Government transaction and five municipalities as the first successes of the public sector bank-of-choice strategy.
Integrated Old Mutual Bank into Nedbank Retail.
Nedbank came first in service delivery in the banking sector in the Ask Afrika Orange Index Survey.
Nedbank announced its first mass-market sponsorship, namely the Nedbank Cup in the Premier Soccer League.
» 2006
Unveiled Nedbank’s BEE transaction in Namibia.
Changed the name of the holding company from Nedcor Limited to Nedbank Group Limited.
Announced the group’s BEE deal: ‘Eyethu’ – the first truly broad-based deal with tens of thousands of stakeholders.
» 2004
Watershed year for the group as both structural and strategic changes were implemented to restore the performance of the group and lay a foundation for sustainable growth into the future. Raised R5 billon in a rights issue.
» 2003
The new Nedcor Group was formed, combining Nedcor, BoE, Nedcor Investment Bank (NIB) and Cape of Good Hope Bank.
Merger of Nedcor and BoE.
NIB minority shares acquired and NIB delisted.
» 2001
Merger of Permanent Bank and Old Mutual Bank.
Acquired FBC Fidelity Bank.
Nedbank Private Bank and Syfrets Private Bank merged to create the largest private bank in South Africa. BoE merged with Natal Building Society (NBS) and Boland.
» 1998
BoE merged with NBS Boland.
» 1997
Syfrets merged with UAL Merchant Bank and Nedbank Investment Bank division to form the listed Nedcor Investment Bank (NIB).
» 1995
Perm split its operations into Permanent Bank and Peoples Bank.
» 1992
Nedfin, Perm and Nedbank became known as Nedcor Bank, a wholly owned subsidiary of Nedcor.
» 1990
Nedbank in association with the World Wide Fund for Nature (WWF) launched The Green Trust.
Nedbank Group changed its name to Nedcor.
» 1988
Nedbank merged with Permanent Building Society to form NedPerm Bank.
» 1986
Old Mutual became the major shareholder (53%) of Nedbank.
Nedbank Investment Bank was created as a result of the acquisition of Finansbank Limited.
» 1983
Nedbank became the first bank in South Africa to pay interest on current accounts
Nedbank Group formed from the merger of Syfrets South Africa and Union Acceptances and Nedbank.
» 1971
The Netherlands Bank of South Africa (NBSA) changes its name to Nedbank.
» 1970
The merchant bank Finansbank was established.
The South African shareholding in NBSA increased to 100%. Syfrets SA was listed on The Johannesburg Stock Exchange (JSE). Boland Bank was listed on the JSE.
» 1967
Introduction, in Nedbank, of American Express Card Service through the issue of the American Express Gold Card.
» 1964
NBSA became the first bank to introduce computerised banking services.
The Nederlandsche Bank voor Zuid-Afrika (NBZA) was established as a South African banking company and changed its name to the NBSA.
The Credit Corporation of South Africa was established. In 1976 this became Nedfin Bank.
NBZA merged with the Transvaalsche Bank en Handelsvereeniging, which was founded in 1892.
The Nederlandsche Bank en Credietvereeniging voor Zuid-Afrika (NBCV) changed its name to NBZA.
» 1900
Boland Bank was established as a regional general bank.
Transvaalsche Bank en Handelsvereeniging was formed.
» 1892
The Kimberley Permanent Mutual Building and Investment Society changed its name to South African Permanent Building and Investment Society, later known as Perm.
NBCV was founded.
» 1882
The NBS was established.
Kimberley Permanent Mutual Building and Investment Society inaugurated.
The Board of Executors was established in Cape Town as a trust company.
» 1831
Cape of Good Hope Bank established.
| This page was updated on 29 March, 2010 |  Return to top |
