Nedbank’s history traces back to the early 19th century with the establishment of the Cape of Good Hope Bank in 1831.
Following successive branding and structural changes, from The Nederlandsche Bank voor Zuid-Africa to the Netherlands Bank of South Africa, to Nedcor Group in the 1980s, Nedbank Group was finally formed in 2003.
Today, Nedbank is one of South Africa’s four largest banks.
BACKGROUND
Nedbank was originally founded in 1888 in Amsterdam as the Nederlandsche Bank en Credietvereeniging voor Zuid-Afrika (Dutch Bank and Credit Union for South Africa). During the same year, it opened an office in Pretoria. In 1903, the bank was renamed to Nederlandsche Bank voor Zuid-Afrika (Dutch Bank for South Africa).
In 1906, the bank decided to expand and an office was opened in London. The bank split in 1951, its South African counterpart was named Nederlandse Bank in Suid-Afrika(Netherlands Bank of South Africa).
Over time, the number of South African shareholders increased until the company became 100% South African-owned. The South African counterpart was completely independent, as of today the Dutch counterpart of the bank no longer exists.
Syfrets SA and Boland Bank listed on the Johannesburg Stock Exchange(JSE) in 1969. In 1971, Netherlands Bank of South Africa) changed its name to Nedbank. In 1973, Nedbank Group was formed after the merger of Syfrets SA, Union Acceptances and Nedbank. In 1986, Old Mutual acquired a controlling(53%) shareholding in Nedbank.
In 1992, UAL Merchant Bank, Syfrets, and Nedbank Investment Bank Division merged to form Nedcor Investment Bank. Old Mutual, Nedcor’s holding company, was then demutualised and listed on the London Stock Exchange in 1999.
The new Nedcor Group was formed in January 2003, combining Nedcor Investment Bank, Nedcor, BoE, and Cape of Good Hope Bank into one legal entity. The Nedcor Group was renamed the Nedbank Group in May 2005 and has been like that ever since.
