Nedbank
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Nedbank is one of the largest banks in South Africa, however it is one of the newest banks to be incorporated in South Africa. It is headquartered in Johannesburg. Nedbank is listed on the JSE Stock Exchange under the code NED. Market capitalisation was R46.5bn as of 28 August 2006.
[edit] History
Originally founded in 1888 in Amsterdam as the Nederlandsche Bank en Credietvereeniging ("Dutch Bank and Credit Union"). 18 years later, in 1906, the bank expanded and opened an office in London. The bank expanded to South Africa in 1951, incorporating as the Netherlands Bank of South Africa Limited. The amount of South African shareholders increased greatly, and in 1969 the company was 100 percent South African after the Bank Mees en Hope bought 20 percent of shares.
In 1992, the name of the bank was changed to Nedcor Bank Limited, of which Nedbank became the largest division. In 1992, Syfrets, UAL, and Nedbank Investment Bank merge to become Nedcor Investment Bank (NIB). Old Mutual, Nedcor's holding company, was demutualised and listed on the London Stock Exchange in 1999. It became a constituent of the FTSE 100 Index. Nedbank acquired the Isle of Man and Jersey private banking business of Robert Fleming & Co in 2001.
The new Nedcor Group was formed on 1 January 2003, combining Nedcor, BoE, Nedcor Investment Bank, and Cape of Good Hope Bank into one legal entity. The Nedcor Group was renamed the Nedbank Group on 6 May 2005. Nedbank headquarters are in Sandton, South Africa.
According to the company website, they are forecasting EPS for the whole of 2006 of between 956 cents and 1178 cents. The last two dividends paid were the interim for 2006 of 209 cents and the final for 2005 of 185 cents. In September 2006 the share price was ZAR 114.
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