Nedbank Group Review 2024

Nedbank Group, a financial services holding company headquartered in South Africa, offers a range of services including wholesale and retail […]

Nedbank Limited
Type Public
Traded As NED
Sector Financials
Industry Banking
Address 135 Rivonia Road,
South Africa
Founded 1888
Services Personal, commercial, and merchant banking, fund management,
Phone 27 11 294 4444
Revenue R109, 6 billion
Total Assets R1, 1 Trillion

Nedbank Group, a financial services holding company headquartered in South Africa, offers a range of services including wholesale and retail banking, insurance, asset management, and wealth management.

With total assets reaching R1.1 trillion and reported revenue of R109 billion, Nedbank primarily operates in South Africa while also having a presence in Lesotho, Malawi, Mozambique, Namibia, Swaziland, and Zimbabwe. Support offices in Angola and Kenya further strengthen its reach.

Beyond Africa, Nedbank serves non-African clients through offices in the Isle of Man, Bailiwick of Jersey, Guernsey, UK, and the UAE. In 2014, their acquisition of a 20% stake in Ecobank led to the Nedbank-Ecobank Alliance, creating the largest banking network in Africa with over 2000 branches across 39 countries. This positions them as a formidable competitor to major financial services providers like Absa Group Limited and Standard Bank.

A brief history of Nedbank Group Limited

Nedbank’s origins trace back to its founding in Amsterdam in 1888 under the name ‘Nederlandsche Bank en Credietvereeniging Voor Zuid-Afrika,’ which translates to Dutch Bank and Credit Union of South Africa. That same year, it established an office in Pretoria, South Africa.

In 1903, the bank underwent a name change to ‘Nederlandsche Bank voor Zuid-Afrika,’ or Dutch Bank of South Africa, and expanded its reach by opening offices in London by 1906. In 1925, it merged with Transvaalsche Bank en Handelsvereeniging, further consolidating its presence.

By 1951, the institution had evolved into a South African entity and rebranded as NBSA. Notably, NBSA was the pioneering bank in South Africa to introduce computerized banking services, marking a significant milestone in the industry’s technological advancement.

Nedbank Group

It was in 1967 when NBSA introduced the American Express card service by issuing the American Express gold credit. Netherlands Bank of South Africa soon changed its name to Nedbank. With the merger of Syfrets South Africa, Union Acceptances and Nedbank, Nedbank group was formed.

Nedbank reached another milestone by becoming the first bank in South Africa to offer interest in current accounts. In 1986 the Old Mutual bought 53% of Nedbank to become the majority shareholder.

Fast forward Nedbank group made acquisitions that include 50% of Banco Unico and others. The bank is now a level 1 BBBEE contributor and has enabled over half a million beneficiaries in BBBEE transactions.

Nedbank Group Limited services

Investments and savings

Nedbank offers short, medium and long term savings and investments with multiple packages to choose from. Savings and investments take many shapes and form, with investments lasting for as short as 32 days. Other investment packages include investing when older than 55years which is something most banks don’t offer to people that old.

Businesses of all size can invest on Nedbank platforms with an account such as the fixed deposit account, lump-sum investment and many more. Investments can be as little as R500 depending on the account or investment plan you want to take.

Individuals and businesses can invest internationally with investment in international assets, currencies, stocks and other investment opportunities.


Nedbank offers different types of personal loans for business and individuals. Commercial buildings, home loans, building loans and new home loans are offered by the bank to qualifying individuals and businesses.

Other loans include student loans and vehicle finance. Motor vehicle loans include loans on used cars and brand new car purchases.


You can insure your assets with Nedbank both personal and business. Insuring over buildings, motor vehicles, equipment, machinery and other household and luxury goods is all possible with Nedbank.

Besides insuring assets you can also take insurance for your health, that of your family and employees. Insurance covers for medical expenses, accidents, illness and funeral.

Other insurance options include insuring your salary or that of your employees. Salary insurance payout when you are no longer able to provide for your family. Payout occurs if retrenched, suffering long term illness or unable to earn income in other ways.

All Nedbank insurance products are subject to terms and conditions, therefore, these need to be closely looked out.

Financial Planning

With financial planning services, you can plan your Will and Trust with help from financial and legal experts. Drafting a Will or setting up a Trust fund in no walk in the park and Nedbank makes sure that everything that you need to be in a Will or Trust is there.

Nedbank also deals with Estate planning through Nedgroup and it plans according to your needs. Not only is your Estate structured but you get advice beyond the knowledge you possess.

Other financial planning services include planning for children’s education, retirement for yourself or employees, investment planning and provision of your family’s future.


You can get rewards with the Nedbank greenbacks rewards program by earning points. One can earn points by being a responsible borrower and managing their money well.

American Express rewards are only available to those who hold any American Express card. This reward program rewards you for using your card regularly. You can use the points to buy in partner stores and pay for your travelling.

Nedbank Group Limited Executives

Michael William Thomas Brown “Mike”Chief Executive Officer10/2020 – Present
Jason P QuinnChief Executive Officer
Michael Davis “Mike”CFO/Exec Dir10/2020 – Present
Mfundo Clement NkuhluChief Operating Officer6/2017 – Present
David Crewe BrownChief Risk Officer4/2023 – Present
Ray NaickerChief Information Officer7/2023 – Present
Daleen Du ToitChief Compliance Officer5/2022 – Present
Jackie KatzinSecretary7/2012 – Present
Anel BosmanMng Exec:Corporate & Investment Banking4/2020 – Present
Iolanda RuggieroMng Exec:Wealth3/2015 – Present
Dr Terence SibiyaMng Exec:Africa4/2020 – Present
Ciko ThomasMng Exec:Retail & Bus Banking4/2016 – Present
Deborah Fuller “Deb”Exec:Human Resources6/2018 – Present
Priya NaidooExec:Strategic Planning6/2015 – Present
Khensani Nobanda “Khensi”Exec:Marketing5/2018 – Present
Alfred VisagieHead:Investor Relations6/2011 – Present


Nedbank Group Limited has grown to become one of the popular brands in South Africa and there is a lot of scrutiny on the bank. By involving many stakeholders when conducting business, it has established itself as not only a profit-seeking company but also a company that cares about the society it serves.

Today Nedbank serves more than 7.9 million customers in different countries and has broken barriers in different markets.

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