Nedbank

Nedbank is one of the largest banks in South Africa, however it is one of the newest banks to be incorporated in South Africa. It is headquartered in Johannesburg.

History

Originally founded in 1888 in Amsterdam as the Nederlandsche Bank en Credietvereeniging ("Dutch Bank and Credit Union"). 18 years later, in 1906, the bank expanded and opened an office in London. The bank expanded to South Africa in 1951, incorporating as the Netherlands Bank of South Africa Limited. The amount of South African shareholders increased greatly, and in 1969 the company was 100 percent South African after the Bank Mees en Hope bought 20 percent of shares.

In 1992, the name of the bank was changed to Nedcor Bank Limited, of which Nedbank became the largest division. In 1992, Syfrets, UAL, and Nedbank Investment Bank merge to become Nedcor Investment Bank (NIB). Old Mutual, Nedcor's holding company, was demutualised and listed on the London Stock Exchange in 1999. It became a constituet of the FTSE 100 Index. Nedbank acquired the Isle of Man and Jersey private banking busines of Robert Fleming & Co in 2001.

The new Nedcor Group was formed on 1 January 2003, combining Nedcor, BoE, Nedcor Investment Bank, and Cape of Good Hope Bank into one legal entity. The Nedcor Group was renamed the Nedbank Group on 6 May 2005. Nedbank headquarters are in Sandown, South Africa.