Nedbank is one of South Africa's "big four" full-service financial institutions (alongside FirstRand, Standard Bank and ABSA), offering traditional retail and commercial banking, as well as investment banking and wealth management. From the mid-1980s onwards, the group was majority owned by what is now the UK-based pensions & insurance group Old Mutual. However that relationship was unpicked in 2018, and Old Mutual now retains only around 20% of equity. Most of the remaining shares were distributed to existing shareholders. Like most of its rivals in South Africa, Nedbank also has operations in almost 40 other African markets, either directly or through a strategic alliance with separate company Ecobank, but the bulk of its business is still in the domestic market. The business has deep roots dating back to its creation in the early 19th century as Cape of Good Hope Bank. However, as its current name still suggests it was later aligned more closely with South Africa's Dutch Boer community than with the British. Mike Brown is chief executive of Nedbank. Total income for 2019 was approx $3.4bn, with net profit of $917m.
Capsule checked 16th June 2020
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