Nedbank

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:120 billion (approximately US$9.85 billion), as of 30 June 2015.

History

The bank was originally founded in 1888 in Amsterdam as the Nederlandsche Bank en Credietvereeniging voor Zuid-Afrika ("Dutch Bank and Credit Union for South Africa"). In the same year the bank opened an office in Pretoria, South African Republic; in 1898 the bank moved its office to Church Square. In 1903 the company was renamed to Nederlandsche Bank voor Zuid-Afrika ("Dutch Bank for South Africa"). In 1906, the bank expanded and an office in London was opened. The bank split in 1951, renaming its South African part as Nederlandse Bank in Suid-Afrika Beperk/Netherlands Bank of South Africa Limited. The number of South African shareholders increased greatly, and in 1969 the company become 100% South African-owned after the Bank Mees en Hope sold 20 percent of its shares. The South African part was completely independent. The Dutch part of the bank no longer exists; it's currently part of ABN AMRO.