Media releases — 2010
HomeBookmark pagePrint page
Media releases: 2014  | 2013  | 2012  |  2011  | 2010  | 2009  |  2008  |  2007  |  2006  |  2005  |   2004
   
   

NEDBANK RE-ORGANISES TO DELIVER ON THE TURNAROUND OF THE RETAIL BUSINESS

26 November 2010

Ingrid Johnson, the Nedbank Group Managing Executive of Retail and Business Banking responsible for 20 000 staff across South Africa and R235 billion of advances, has announced a new structure and key appointments to facilitate the turnaround of the Retail business.

"While rebuilding and strengthening the Retail Executive Team, addressing the Retail impairment challenges particularly in Home Loans and driving the Imperial Bank integration, I have also invested significantly in leading a strategic review process of Nedbank Retail to position the business on a sustainable profitable growth path.

This has culminated in an organisational redesign following the new strategic direction communicated at the interim results stage. This will enable me to effectively drive the business turnaround whilst also enhancing our customer banking experience through their life cycle from youth and entry level banking to small businesses and entrepreneurs."

As a consequence of this new strategic direction, Retail has been organised into four complementary line businesses, namely Consumer Banking, Retail Relationship Banking (a combination of Small Business Services and Nedbank Private Bank), Card and Secured Lending, which together with Business Banking will report directly to Ingrid Johnson.

Ciko Thomas, who is currently responsible for Group Marketing, Communications and Corporate Affairs and a member of the Nedbank Group Executive Committee, has now been appointed to head up Consumer Banking (which includes the branch network, personal loans and personal banking / client value management). Ciko has the relevant brand and market insights to successfully position Nedbank in the unique South African consumer market and significantly grow our client base.

Sibongiseni Ngundze has been appointed to the enlarged role of Retail Relationship Banking. He has been in banking for 20 years and brings a wealth of insight into this important growth market.

Sydney Gericke and Keith Hutchinson who are both seasoned bankers continue as the Managing Executives of Card and Secured Lending respectively.

Within Consumer Banking, our strong positioning in Personal Loans will be used to expand our banking offering and presence for entry-level banking and the youth. The innovative M-Pesa mobile solution brought to market by Nedbank Mobile Money in partnership with Vodacom is an important addition to our range of services and is steadily gaining momentum.

Ingrid Johnson noted that "the client relationship experience will be enhanced by removing servicing overlaps with Small Business / Nedbank Private Bank and enabling an integrated Business Banking / Small Business offering which captures the business, its owner, employees and card acquiring. I wish the team well in their new or redefined roles in a more streamlined organisational design to accelerate delivery of the sizeable business challenges and opportunities within Retail and Business Banking."

Mike Brown, the Chief Executive of Nedbank Group commented: "These appointments demonstrate the strength of the organisation in terms of the depth of our succession and transformation plans, and reflects good collaboration across the bank to provide career growth opportunities whilst aligning with the strategic intent of building Africa's most admired bank".

Following the fundamental transformational change driven by Ingrid Johnson's leadership in Business Banking over the past 5 years to a proven differentiated offering for Business Banking clients, Nedbank is well placed to accelerate its efforts in providing Retail clients a choice of innovative, client-centred banking experiences that build deep and enduring banking relationships with Nedbank.



Enquiries
 
Contact: Ingrid Johnson
Nedbank Group Managing Executive of Retail and Business Banking
Tel: +27 11 295 8166
   
  Don Bowden
Tier 1 Investor Relations
Tel: +27 21 702 3102
   
   
This page was updated on 29 November, 2010 ArrowReturn to top
A member of Old Mutual group

Copyright© Nedbank Ltd. We are an authorised financial services provider. A member of the OLD MUTUAL Group
Nedbank Group Limited Reg No 1966/010630/06, 135 Rivonia Road, Sandown, Sandton, 2196, South Africa