Nedbank Group Review 2022

Traded AsNED
Address135 Rivonia Road,
South Africa
ServicesPersonal, commercial, and merchant banking, fund management,
Phone27 11 294 4444
RevenueR109, 6 billion
Total AssetsR1, 1 Trillion

Nedbank Group is a financial services holding company based in South Africa. The group offer wholesale and retail banking with other services such as insurance, asset management and wealth management.

Nedbank boasts a total of R1.1 trillion in total assets and reports revenue of R109 billion. The company has its main operations in South Africa but also operates in Lesotho, Malawi, Mozambique, Namibia, Swaziland and Zimbabwe.

Nedbank also has support offices in Angola and Kenya. Besides Africa, Nedbank provides for the non-African based clients through their offices in the Isle of Man, Bailiwick of Jersey, Guernsey, UK and the UAE.

With the acquisition of 20% in Ecobank in 2014, Nedbank – Ecobank Alliance became the largest banking network in Africa competing with big financial services providers like the Absa Group Limited and Standard Bank. The alliance has more than 2000 branches in 39 countries.

A brief history of Nedbank Group Limited

Nedbank was founded in Amsterdam in 1888 and adopted the name ‘Nederlandsche Bank en Credietvereeniging Voor Zuid – Afrika”. When translated into English the name is Dutch Bank and Credit Union of South Africa. The bank established an office in South Africa the same year it was formed in Pretoria.

In 1903 the company was renamed Nederlandsche Bank voor Zuid – Afrika or Dutch Bank of South Africa. By 1906 the company had expanded its operations and had set offices in London. In 1925 Nederlandsche bank merged with the Transvaalsche Bank en Handelsvereeniging.

By 1951 Nederlandsche Bank voor Zuid – Afrika was established as a South African company and again changed its name to NBSA. Later NBSA became the first bank in South Africa to introduce computerized banking services.

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 BrownChief Executive Officer
Raisibe MorathiChief Financial Officer
Mfundo NkuhluChief Operating Officer
Trevor AdamsChief Risk Officer
Anna IsaacChief Compliance Officer
Martin SwanepoelChief Information Officer
Anel BosmanGroup Man: Corporate and investment banking
Terence SibiyaManaging Executive : Africa
Ciko ThomasManaging Executive : Retail and Business Banking
Deborah FullerExecutive : Human Resources
Khensani NobandaExecutive : Marketing
Priya NaidooExecutive : Strategic Planning
Michael DavisExecutive : Balance Sheet Management
Jackie KatzinSecretary
Alfred VisagieHead : Investor Relations
Iolanda RuggieroManaging Executive : Wealth


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.

Nedbank Group Review 2022

Staff Writer

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