Nedbank is one of the largest banks in South Africa; however, it is one of the newest banks to be incorporated. It is headquartered in Johannesburg. Market capitalization was ZAR:89.6 billion (approximately US$9 billion), as of 31 December 2012.
Nedbank Group is one of SA’s four largest banking groups by assets and deposits, with Nedbank Limited being our principal banking subsidiary. We are a JSE Top 40 company with our ordinary shares listed on the JSE since 1969 and on the Namibian Stock Exchange since 2007. Our market capitalisation was R124bn at 31 December 2014. Old Mutual plc is our majority shareholder, with a 54,0% ownership of the group.
We provide a wide range of wholesale and retail banking services and a growing insurance, asset management and wealth management offering through five main business operations, namely Nedbank Capital, Nedbank Corporate, Nedbank Business Banking, Nedbank Retail and Nedbank Wealth. From 31 December 2014 we simplified these clusters into Nedbank Corporate and Investment Bank, Nedbank Retail and Business Banking, and Nedbank Wealth. Our Rest of Africa Division, which is small but growing in bottomline contribution, is housed within the Chief Operating Officer’s portfolio.
Our growth-orientated strategy is underpinned by a strong wholesale business, growing retail franchise as well as our business into the rest of Africa. We are a market-leading wholesale bank and are well positioned in commercial property finance, business banking, investment banking, vehicle finance, card-acquiring, deposit-taking, and asset and wealth management.