Nedbank Group is financial services group in Africa; it offers wholesale and retail banking services and also other services in insurance, wealth management and asset management. Nedbank has formed an alliance with Eco bank and right now operating as the largest banking network in Africa, it has almost 2000 branches in 39 countries.
Nedbank has its headquarters in Sand ton, Johannesburg.
Foundation, Development and ExpansionNedbank was founded and established in year 1888, it was first named as Dutch Bank and Credit Union for South Africa. It was later named as Dutch bank of South Africa. Later it was opened in London also in year 1906, but later the split happen and the bank in South Africa formed and named as ‘NBSA’ Netherlands Bank of South Africa. It completely became independent and operated solely. In year 1971, NBSA changed its name to Nedbank. Nedbank Group formed from the merger of Syfrets SA, Union Acceptances and Nedbank in 1973. Later on a Nedcor Group was formed in year 2003; it was formed when Nedcor, BoE, Nedcor Investment Bank, and Cape of Good Hope Bank came together. Later this alliance was renamed as Nedbank Group on May 6, 2005.
The Nedbank Group is the holding company, it has many subsidiaries, which operates locally and in foreign also.
Naming the few among them:
Nedbank Limited, Syfrets Securities Limited, Nedgroup Investments Proprietary Limited, Nedgroup Private Wealth Stockbrokers Proprietary Limited, Nedgroup Collective Investments (RF) Proprietary Limited, Nedgroup Securities Proprietary Limited, Nedgroup Private Wealth Proprietary Limited, Nedbank Group Insurance Holdings Limited, EcobankTransnational Incorporated, NedEurope Limited (Isle of Man), Nedgroup Investments Africa (Mauritius), Nedbank (Malawi) Limited, MBCA Bank Limited (Zimbabwe), Nedbank Namibia Limited, Nedgroup International Holdings Limited, Nedgroup Trust Limited (Jersey), Nedbank Private Wealth Limited (Isle of Man), BancoUnico, SA (Mozambique).