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2004  Annual Report  
 
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Annual financial statements
Subsidiary companies

for the year ended 31 December
 
 
 
Group 
Company 
         
Book 
   
 
value of 
Net 
 
Issued 
Effective 
invest-
indebted- 
 
capital 
holding 
ment 
ness 
 
2004 
2003 
2004 
2003 
2004 
2003 
2004 
2003 
 
Rm 
Rm 
% 
% 
Rm 
Rm 
Rm 
Rm 
Banking
Nedbank Namibia (Formerly the
Commercial Bank of Namibia Ltd)
16 
16 
93 
93 
Nedbank Malawi Ltd
10 
12 
91 
91 
Fairbairn Private Bank (Jersey) Ltd
(formerly Gerrard Private Bank Ltd)
4 
5 
70 
70 
Imperial Bank Ltd
3 
3 
50 
50 
Nedbank (Lesotho) Ltd
20 
20 
 100 
100 
Nedbank Ltd
27 
27 
 100 
100 
14 642 
10 744 
503 
(2 117)
Nedbank (Swaziland) Ltd
12 
12 
67 
67 
Nedcor Asia Ltd (Hong Kong)
132 
156 
100 
100 
Peoples Bank Ltd
45 
45 
100 
100 
SBM Nedcor Holdings Ltd (Mauritius)
* 
* 
80 
79
                 
Trust and participation
bond administration
Fairbairn Trust Company Ltd (Jersey)
1 
1 
100 
100 
Nedcor Collective Investments Ltd
6 
6 
100 
100 
BoE Trust (Pty) Ltd (STL and OMT combined)
1 
1 
100 
100 
Syfrets Participation Bond Managers Ltd
1 
1 
100 
100 
Syfrets Trust Ltd – see BoE Trust above
* 
100 
Syfrets Securities Ltd
 1 
1 
100 
100 
3 
Syfrets Securities Nominees Ltd
* 
99 
FTNIB Management Company Ltd
2 
2 
100 
 100 
18 
18 
                 
Other companies
BoE Holdings Ltd
2 
2 
100 
100 
BoE International Holdings Ltd (Isle of Man)
* 
* 
100 
100 
37 
NedLife Assurance Company Ltd
(formerly BoE Life Assurance Company Ltd)
15 
15 
50 
100 
BoE Life International Ltd
174 
100 
BoE Life Ltd
1 
1 
100 
100 
BoE Ltd
11 
11 
100 
100 
7 064 
7 064 
(527)
61 
BoE Management Ltd
* 
* 
100 
100 
(4 138)
(4 138)
Cape of Good Hope Financial Services Ltd
6 
6 
100 
100 
(6)
135 
BoE (Pty) Ltd
1 
1 
50 
50 
(568)
BoE Clocktower Nominees Ltd
(formerly FTNIB Noms)
1 
 * 
100 
100 
2 
2 
Dr Holsboer Benefit Fund
100 
Fasic Africa (Pty) Ltd
* 
82 
Nedbank Africa Investments Ltd (Mauritius)
* 
* 
100 
100 
Nedeurope Ltd (Isle of Man)
1 295 
1 524 
100 
100 
60 
(22)
Nedcor Insurance Company (SA) Ltd
* 
* 
100 
100 
5 
5 
Nedcor Group Insurance Company Ltd
(Isle of Man)
10 
10 
100 
100 
Nedcor Insurance Company Ltd
* 
* 
100 
100 
33 
32 
Nedcor Investment Holdings 101 Ltd
17 
17 
100 
100 
779 
779 
(1 983)
(1 981)
Nedcor Investment 102 Ltd
6 
6 
100 
100 
Nedcor Investments Ltd
27 
27 
100 
100 
Nedcor Securities (Pty) Ltd
32 
32 
100 
100 
Nedcor Trade Services Ltd (Mauritius)
3 
3 
100 
100 
Nedinsurance Company Ltd
5 
5 
100 
100 
49 
49 
(49)
(49)
Taquanta Securities (Pty) Ltd
* 
* 
100 
100 
Tando AG (Switzerland)
172 
185 
100 
100 
216 
256 
The Board of Executors 1838
* 
*
100 
100 
(39)
(39)
Other companies
* 
 * 
100 
100 
9 
(13)
(13)
         
22 871 
18 958 
(6 842)
(8 104)
* Less than R1 million.                
                 
Note 1                
Headline earnings from subsidiaries (after eliminating intercompany transactions)
         
2004
2003
    
              
Rm
Rm
      
Aggregate earnings        
1 974
528
    
Aggregate losses        
527
473
    
                 
Note 2                
General information required in terms of the fourth schedule of the Companies Act, 1973, is detailed in respect of only those subsidiaries where the financial position or results are material to the group. It is considered that the disclosure in these statements of such information in respect of the remaining subsidiaries would entail expense out of proportion to the value to members. Other subsidiaries consist of nominee, property-owning and financial holding companies and companies acquired in the course of lending activities. A register detailing information in respect of all subsidiaries is available for inspection at the registered office.