NEDBANK HISTORY
2009 |
Bought out Old Mutual stakes
in the bancassurance and wealth
joint ventures. |
| 2000s | |
| 2008 |
Nedbank rated number one in Ask Afrika Orange Index Client Service Survey for the second successive year. Announced groundbreaking alliance with Ecobank to strengthen and expand Nedbank’s African presence. Client-focused restructuring and new executive appointments to include Business Banking and Corporate Banking on the Group Executive Committee. Integrated Go Banking into Nedbank. Eyethu black economic empowerment (BEE) scheme paid out R63 million to clients. Introduced the Basel II Advanced Internal Ratings-based (AIRB) Approach for credit risk management in Nedbank. |
| 2007 |
The group successfully delivered on the three-year financial targets set at the start of the strategic recovery programme in 2004 of a 20% return on ordinary shareholders’ equity and 55% efficiency ratio. Secured the Western Cape Government transaction and five municipalities as the first successes of the public sector bank-of-choice strategy. Integrated Old Mutual Bank into Nedbank Retail. Nedbank came first in the banking sector in the Ask Afrika Orange Index Client Service Survey. Nedbank announced its first mass-market sponsorship, namely the Nedbank Cup in the Premier Soccer League. |
| 2006 | Unveiled Nedbank’s BEE transaction in Namibia. |
| 2005 |
Changed the name of the holding company from Nedcor Limited to Nedbank Group Limited. Announced the group’s BEE deal, Eyethu, the first truly broad-based deal with tens of thousands of stakeholders. |
| 2004 |
Watershed year for the group as both structural and strategic changes were implemented to restore the performance of the group and lay a foundation for sustainable growth into the future. Raised R5 billion in a rights issue. |
| 2003 |
The new Nedcor Group was formed, combining Nedcor, BoE, Nedcor Investment Bank (NIB) and Cape of Good Hope Bank. |
| 2002 | Merger of Nedcor and BoE. NIB minority shares acquired and NIB delisted. |
| 2001 | Merger of Permanent Bank and Old Mutual Bank. |
| 2000 | Acquired FBC Fidelity Bank. |
| 1990s | |
| 1999 | Nedbank Private Bank and Syfrets Private Bank merged to create the largest private bank in South Africa. BoE merged with Natal Building Society (NBS) and Boland. |
| 1998 | BoE merged with NBS Boland. |
| 1997 | Syfrets merged with UAL Merchant Bank and Nedbank Investment Bank Division to form the listed NIB. |
| 1995 | Perm split its operations into Permanent Bank and Peoples Bank. |
| 1992 | Nedfin, Perm and Nedbank became known as Nedcor Bank, a wholly owned subsidiary of Nedcor. |
| 1990 | Nedbank in association with the World Wide Fund for Nature (WWF) launched The Green Trust. |
| 1980s | |
| 1989 | Nedbank Group changed its name to Nedcor. |
| 1988 | Nedbank merged with Permanent Building Society to form NedPerm Bank. |
| 1986 | Old Mutual became the major shareholder (53%) of Nedbank. |
| 1986 | Nedbank Investment Bank was created as a result of the acquisition of Finansbank Limited. |
| 1983 | Nedbank became the first bank in South Africa to pay interest on current accounts. |
| 1970s | |
| 1973 | Nedbank Group formed from the merger of Syfrets South Africa and Union Acceptances and Nedbank. |
| 1971 | The Netherlands Bank of South Africa (NBSA) changes its name to Nedbank. |
| 1970 | The merchant bank Finansbank was established. |
| 1960s | |
| 1969 | The SA shareholding in NBSA increased to 100%. Syfrets SA was listed on JSE Limited (‘the JSE’), then known as The Johannesburg Stock Exchange. Boland Bank was listed on the JSE. |
| 1967 | Introduction, in Nedbank, of American Express Card Service through the issue of the American Express Gold Card. |
| 1964 | NBSA became the first bank to introduce computerised banking services. |
| 1950s | |
| 1951
|
The Nederlandsche Bank voor Zuid-Afrika (NBZA) was established as a SA banking company and changed its name to the NBSA. |
| 1940s | |
| 1946 | The Credit Corporation of South Africa was established. In 1976 this became Nedfin Bank. |
| 1920s | |
| 1925 | NBZA merged with the Transvaalsche Bank en Handelsvereeniging, which was founded in 1892. |
| 1900s | |
| 1903 | The Nederlandsche Bank en Credietvereeniging voor Zuid-Afrika (NBCV) changed its name to NBZA. |
| 1900 | Boland Bank was established as a regional general bank. |
| 1890s | |
| 1892 | Transvaalsche Bank en Handelsvereeniging was formed. |
| 1892 | The Kimberley Permanent Mutual Building and Investment Society changed its name to SA Permanent Building and Investment Society, later known as Perm. |
| 1880s | |
| 1888 | NBCV was founded. |
| 1882 | The NBS was established. |
| 1840s | |
| 1841 | Kimberley Permanent Mutual Building and Investment Society was inaugurated. |
| 1830s | |
| 1838 | The Board of Executors was established in Cape Town as a trust company. |
| 1831 | Cape of Good Hope Bank was established. |