History

2000's

» 2007
During 2007 the group successfully delivered on the financial targets of a 20% ROE and 55% efficiency ratio set back in 2004 by achieving an ROE of 21,4% and an efficiency ratio of 54,9%. In 2006 the group set medium-term targets, and the group’s performance against these targets in 2007 is reflected below.

• Secured the Western Cape Government transaction and five municipalities.
• Extended the internal local hero campaign to include prospective and existing clients. The client local hero campaign allows prospective and existing Nedbank clients to give back to community projects that they feel passionate about.
• Nedbank is the first African bank that raised significant Tier 2 Capital (R2bn) via IFC and African Development Bank (international diversification).
• Launched the AskOnce service commitment that is a first within the industry.
• Integrated Old Mutual Bank.
• Nedbank came first in the service delivery in the banking sector by the Ask Afrika Orange Index.
• Nedbank announced its first mass market sponsorship the Nedbank Cup in PSL.
• Nedbank and Old Mutual launched a financial services one stop shop (Green Zone)

» 2006
Warren Clewlow retired as Chairman and non-executive director, and Reuel Khoza was appointed Chairman, at the close of the Nedbank Group AGM on 4 May 2006.

In August, 2006 the group unveiled its much anticipated black economic empowerment (BEE) transaction in Namibia which resulted in a broad range of black stakeholders acquiring direct ownership of N$308 million of the Old Mutual Group's Namibian businesses. The transaction incorporated three separate but inter-dependent BEE transactions for the Old Mutual Group subsidiaries in Namibia, namely Old Mutual Namibia, Nedbank Namibia and Mutual & Federal Namibia.

» 2005
At the annual general meeting on 4 May 2005, shareholders formally approved the resolution to change the name of the holding company from Nedcor Limited to Nedbank Group Limited with effect from close of business on 13 May 2005.

The group's BEE deal 'Eyethu' was announced. The deal broke new ground in the area of black economic empowerment as it was the first truly broad-based deal to be announced with tens of thousands of stakeholders. Valued at more than R3 billion, a broad range of black stakeholders including employees, retail and corporate clients, community groups, strategic black business partners (Wiphold and Brimstone) and non-executive directors acquired a holding of 9,33 % in the group.

» 2004
It was a 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.


The group delivered on its commitments including:

• A thorough balance sheet clean-up and successful R5,15 billion rights offer;
• Substantially reducing the bank's risk profile, including reduced foreign exchange exposure and volatility and reduced interest rate risk;
• Increased management accountability with management teams restructured and 70 out of the top 100 management in new positions;
• Implementation of a clear strategic direction with a three-year plan in place with detailed targets;
• A comprehensive restructure, following the strategy, which included a devolution of product, processes, credit and branch operations from the centre into the line units, the sale of non-core assets and the decision to integrate Peoples Bank into Nedbank;
• The merger was delivered and the group is on track for annual synergy savings of R700 million; and
• Improved management information systems and reporting, including improved activity justified transfer pricing, funds transfer pricing and capital allocation.

2004 also saw a change in the groups Chairman with Chris Liebenberg retiring on 6 May 2004 and Warren Clewlow officially taking over as chairman.

» 2003
On 1 January 2003 the new Nedcor Group was formed, combining Nedcor, BoE, NIB and Cape of Good Hope Bank into one legal entity. New management structures came into effect allowing these entities to become a fully integrated business.

The group now has banking licenses for Nedbank, Peoples Bank and Imperial Bank in South Africa, Gerrard private Bank in the United Kingdom and several licenses in the rest of Africa and the Middle East.

» 2002
On 2 July 2002, the High Court gave its approval for Nedcor to acquire all the issued shares and convertible debentures of BoE, thereby paving the way for the Nedcor/ BoE merger. This final step in the approval process meant that the formation of one of South Africa's leading banks with assets of more than R270 billion became a reality. This merger heralded a new era in the history of BoE and Nedcor. For BoE, it offered the opportunity to continue a long and proud tradition of banking excellence and personal service. For Nedcor, the financial expertise and the quality of BoE's people will continue to further enrich its offering to the public. The High Court's ruling was lodged with the Registrar of Companies on 3 July 2002. The last day to trade in BoE shares in order to participate in the share scheme was 3 July 2002, and the operative date of the scheme was 11 July 2002.

NIB minority shares were acquired by Nedcor Limited in October 2002. NIB was delisted.

Nedcor Bank Limited changed its name to Nedbank Limited in November 2002.

» 2001
Nedcor Limited and Old Mutual South Africa Limited announced the proposed merger of Permanent Bank and Old Mutual Bank to form a new banking operation focused on wealth management and financial planning.

The merged operation is a custom-built bancassurance institution focused on the retail middle market in South Africa. Nedcor and Old Mutual each own 50 percent of the new bank.

The new bank, operating as Old Mutual Bank, will initially offer a full range of deposit and investment accounts, home loans, secured loans and other wealth management products.

» 2000
Nedcor Bank acquired FBC Fidelity Bank Limited. BoE Corporation Limited unbundled its shares in BoE Limited and then delisted.

The unbundling by BoE Corporation Limited of its shares in BoE Limited and its subsequent delisting could maybe be mentioned here, along with the unbundling by BoE Limited of its share in RMBH, and the sale of other non-core investments.

1990's

» 1999
Nedbank Private Bank and Syfrets Private Bank merged to create the largest private bank in South Africa. NedTravel was sold to Tourvest.

In July, Old Mutual, one of Nedcor's main shareholders, was demutualised and listed on the London Stock Exchange.

NIB was listed on the Johannesburg and Namibian stock exchanges in August 1999, and acquired Edward Nathan and Friedland.

A bid for merging with Standard Bank Limited was made in October.

BoE was merged with NBS and Boland PKS.

» 1998
On 31 July, NBS Boland Holdings delisted from the JSE and BoE merged with NBS Boland Ltd. Also, BoE actually merged with NBS Boland Ltd (rather than with NBS and Boland PKS).

» 1997
Syfrets merged its activities with those of UAL and Nedbank Investment Bank to form Nedcor Investment Bank.

Full transactional banking was made possible via the internet using NetBank.

Cape of Good Hope Bank introduced credit card and cheque account facilities. On 14 March, NBS Holdings acquired the banking and financial services interests of Boland Bank Holdings, and changed its name to NBS Boland Ltd. Boland Bank changed its name to Boland PKS.

» 1995
In April 1995 Perm split its operations into two separate banks of equal status, namely Permanent Bank and Peoples Bank. The two banks, with new logos and corporate identities, were launched to the South African public during June 1995.

Nedbank Investment Bank was selected as one of the partners in a multinational banking group appointed by the government of Ghana to handle the privatisation of National Investment Bank.

» 1994
Nedbank opened a representative office in Beijing. Nedfin Bank became Nedbank Commercial Division.

Financial Services Division changed its name to Nedbank Investment Bank Division. The Sports Trust and The Arts and Culture Trust were formed.

» 1993
The Namibian Banking Corporation Limited merged with the Commercial Bank of Namibia and retained the latter's name with Nedcor Bank Limited a 47% shareholder of the new Commercial Bank of Namibia. A cooperation agreement was signed with SFOM (Soci�t� Financi�re pour les pays D'Outre-Mer).

» 1992
Nedfin, Perm and Nedbank, together with their support divisions, became known as Nedcor Bank Limited, a wholly owned subsidiary of Nedcor Limited. NedTravel Group Holdings became the second largest travel group in South Africa and a wholly owned subsidiary of Nedcor Limited.

Finansbank merged with Nedbank Financial Services Division to form Financial Services Division.

» 1991
NedEnterprise became operational, providing finance to small and medium enterprises.

» 1990
The Namibian Banking Corporation Limited, incorporating Nedbank's operation in Namibia, was established following Namibia's independence. Nedbank and Perm's combined ATM network became the largest in South Africa, with 944 ATMs. Nedbank in association with the World Wide Fund for Nature (WWF) launched The Green Trust.

1980's

» 1989
Nedbank opened a representative office in Taipei, Taiwan. UAL Merchant Bank funds under administration exceeded the R10 billion mark, Syfrets R7 billion and Nedfin the R2 billion mark. Nedbank Group Limited changed its name to Nedcor Limited. Syfrets SA changed its name to Syfrets Group Limited. World Travel Agency joined NedTravel completely.

» 1988
Nedbank Limited merged with South African Permanent Building Society to form NedPerm Bank Limited.

» 1987
Nedbank opened its first drive-in ATM in Cape Town. By the end of the year it had 770 retail electronic banking terminals in operation and ATM cards in circulation rose to 213 000. Nedbank moved to its new head office at 100 Main Street, Johannesburg. Assets of the group totalled R14,3 billion.

Nedbank Group consisted of Nedbank, Nedfin, UAL, Syfrets, Finansbank, Nefic, NedTravel, World Travel, Secured Investments, and NedFactors, with a shareholding in Minets.

The members of NBS approved the conversion of the society into a public company, and the company became a wholly-owned subsidiary of NBS Holdings Ltd, which was listed on the JSE on 8 April.

BoE changed its name from the Board of Executors Limited.

BoE was listed on the JSE Securities Exchange in 1987.

» 1986
Syfrets participation mortgage bond scheme hit the R1 billion mark, the first participation mortgage bond company in South Africa to do so.

The Nedbank Group Limited bought Finansbank Limited and through a resultant merger the Cape of Good Hope Bank, became part of Nedbank Group Limited.

Nedbank Investment Bank was created in 1986 as a result of the acquisition of Finansbank Limited.

Old Mutual became the major shareholder (53%) of Nedbank Limited.

» 1985
Syfrets launched Syfrets Managed Assets, its institutional investment arm.

UAL Merchant Bank structured South Africa's first rand interest rate swap.

NedTravel was established and included American Express Travel Service, American Express Holidays, American Express Foreign Exchange, Travel International, Development Promotions, EG Tours and Associated Air Travel Bureau.

» 1984
Nedbank established further international links by opening branches in Jersey, Hong Kong and Grand Cayman. Nedbank also established a banking company in Zurich, Switzerland.

» 1983
Nedbank becomes the first bank in South Africa to pay interest on current accounts.

Nedbank opens a full-service branch in New York.

The Perm opened its new head office, Permpark, in Crown Mines to celebrate 100 years. Union Acceptances Limited changed its name to UAL Merchant Bank Limited.

» 1980
The Nedbank Group becomes the first bank in South Africa to hit R100 million profit before tax.

1970's

» 1979
Finansbank was involved in the first privatisation of a public company in South Africa, being the listing of Sasol on the Johannesburg Stock Exchange.

» 1976
Perm moved its head office from Kimberley to 64 Eloff Street, Johannesburg.

» 1974
Nedfin Bank Limited was formed in 1974 from the merger of Credcor Limited with Lease Plan International.

» 1973
Nedbank Group Limited was formed from the merger of Syfrets SA and Union Acceptances Limited and Nedbank Limited.

» 1972
UAL was listed on the Johannesburg Stock Exchange. The Nedbank Group acquired part of the World Travel Agency. Nedbank Limited, in partnership with Old Mutual, bought out the American interest in Lease Plan International Corporation of South Africa.

» 1971
The Netherlands Bank of South Africa changes its name to Nedbank Limited. Gerry Muller becomes the first South African-born managing director. Credit Corporation of South Africa Limited changed from a hire-purchase bank to a general bank, and changed its name to Credcor Bank Limited.

» 1970
The merchant bank Finansbank was established.

1960's

» 1969
The South African shareholding in NBSA increased to 100%. Syfrets SA was listed on the Johannesburg Stock Exchange. Boland Bank was listed on the JSE.

» 1968
Syfrets Trust Company Limited merged with the South African Association for the Administration and Settlement of Estates to form the Syfrets and South African Trust Company (Syfrets SA). With Netherlands Bank Old Mutual became a joint shareholder of the Credit Corporation, resulting in the foreign interest being bought out and the Credit Corporation becoming a South African-controlled bank. The South African Association for the Administration and Settlement of Estates (SAASE) was absorbed into Syfrets Trust Company Limited.

» 1967
Introduction, in Nedbank, of American Express Card Service through the issue of the American Express Gold Card. UAL launched its first unit trust, the UAL Unit Trust.

» 1965
The Credit Corporation became a hire-purchase bank. UAL moved to Union Acceptances House at 66 Marshall Street, Johannesburg.

» 1964
The Netherlands Bank of South Africa becomes the first bank to introduce computerised banking services. The credit for making this far-reaching decision belongs to Dr B Holsboer, Gerr Muller and Albie Saayman.

» 1963
A subsidiary of Lease Plan International Corporation of America Limited (Lease Plan International Corporation of South Africa Limited), a specialist vehicle-leasing company, was founded to take over the activities of Monument Trust (Patty) Limited.

» 1961
The Credit Corporation moved its head office to Johannesburg. The company Monument Trust (Patty) Limited, involved mainly in factoring of invoices and the discounting of installment credit agreements, was founded in Pretoria.

» 1960
The NBSA head office was moved to 81 Main Street, Johannesburg.

1950's

» 1957
UAL established the first discount house in South Africa.

» 1956
UAL became the first institution, other than a commercial bank, to be granted permission by the Reserve Bank to deal in foreign exchange.

» 1955
NBSA opened its first branch in Windowed, Namibia. Union Acceptances Limited (UAL) was established as South Africa's first merchant bank, with Sir Ernest Open as the first Chairman and Sidney Spire as the bank's first Managing Director. UAL operated from offices in Anglo's head office, 44 Main Street, Johannesburg.

» 1952
The Credit Corporation became a deposit-receiving institution.

» 1951
Netherlands Bank (NBZA) was established as a South African banking company and changed its name to the Netherlands Bank of South Africa (NBSA).

1940's

» 1947
Holsboer Fund - holiday accommodation and financial support facilities Dr Bernard H Holsboer became chief executive officer, deputy chairman. On his retirement he establish this fund for Nedcor staffmembers and pensioners.

» 1946
The Credit Corporation of South Africa Limited, conducting business as a general instalment finance company in the industrial and motor car areas, was established and registered in Cape Town. In 1976 this became Nedfin Bank Limited.

» 1940
During the war all NBZA assets were transferred from the Netherlands to South Africa. Pretoria branch becomes the world headquarters of the bank, with assets of R8 million plus reserves of R2 million.

1920's

» 1925
The Nederlandsche Bank en Credietvereeniging voor Zuid-Afrika merged with the Transvaalsche Bank en Handelsvereeniging, which was founded in 1892.

» 1920
Perm reported its first R1 million of assets. Perm appointed the first female teller in a South African building society.

1900's

» 1906
NBZA office opened its first overseas branch in Great Winchester Street, London, and an office in Bloemfontein.

» 1905
Deep depression hits SA. The reconstruction of bank capital for increasing banking activities takes place. A dividend of 4% is declared - the first since 1905.

» 1903
First branch of NBCV outside of the Transvaal opened in Cape Town. The name of the bank changed to Nederlandsche Bank voor Zuid-Afrika (NBZA).

» 1900
Boland Bank was established as a regional general bank. Boland Bank was established as De Paarlsche Afrikaanse Trust Maartschappij Beperkt in Paarl.

1890's

» 1899 – 1902
During the Anglo Boer War NBCV remains neutral. There is a substantial increase in foreign transactions. In 1900 government stores R3 million in gold in the vault of NBCV.

» 1892
Transvaalsche Bank en Handelsvereeniging was formed in 1898 preceded by partnership, Baerveldt & Heyblom, which was formed in 1892.

» 1892
The Kimberley Permanent Mutual Building and Investment Society changed its name to South African Permanent Building and Investment Society, later abbreviated to the South African Permanent Building Society - later known as Perm.

» 1890
NBVC branches opened in Johannesburg and Potchefstroom. Formation of Pretoria Mortgage Company, a wholly owned subsidiary of NBCV. First NBCV banknotes issued.

1880's

» 1888
Nederlandsche Bank en Credietvereeniging (NBCV) founded under royal charter in Amsterdam on
6 April - 236 years after Jan van Riebeeck's arrival in the Cape. On 1 August the bank opens in Church Street, Pretoria, with capital of R100 000 (50 000 pounds). The first year's profit was
R11 706 and the dividend 3%.

» 1887
Syfrets Trust Company Limited became involved in investing capital in mortgaged property, raising loans, managing private business affairs, handling executorships and trusteeships.

» 1882
The Natal Building Society (NBS) was established as a building society. NBS was established in Durban.

» 1883
The Kimberley Permanent Mutual Building and Investment Society opened its first branch in Johannesburg. At the end of its first year Perm had 668 current shares in issue and 77 borrowers.

1850's

» 1859
The Board of Executors was incorporated by way of a special statute of the Cape Colonial Government.

1840's

» 1841
A number of Kimberley businessmen met to inaugurate Kimberley's third building society and first permanent one, the Kimberley Permanent Mutual Building and Investment Society.

1830's

» 1838
The Board of Executors was established in Cape Town as a trust company.

» 1834
The South African Association for the Administration and Settlement of Estates, the first trust company in the world, was founded in Cape Town and later absolved into Syfrets which was formed in 1951 by EJM Syfret.

» 1831
The oldest bank in South Africa, Cape of Good Hope Bank, was established in St George's Street, Cape Town.