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The Nedcor Group was renamed the Nedbank Group on 6 May 2005. In August 2009, Nedbank acquired the 49.9% of Imperial Bank South Africa that it did not own, so Imperial Bank South Africa is wholly owned by Nedbank. [8] In October 2014, Nedbank acquired a 20% stake in Ecobank, converting its $285 million claim in Ecobank into equity. [9] [10]
The Managing Director at that time was John Graham Maxwell. In 1999, NBS Boland merged with B.o.E. Holdings Limited. In 2002, B.o.E. Holdings Limited was merged with Nedcor. [2] In 2002, The NBS, Cashbank and PEP Bank divisions of BoE were incorporated into Peoples Bank, the subsidiary of Nedbank. and was fully integrated by 2004.
The following co-operative banks are registered by the South African Reserve Bank: [2] Ditsobotla Primary Savings and Credit Co-operative Bank; KSK Koöperatiewe Bank Beperk
Absa Group Limited, commonly known simply as Absa and formerly the Amalgamated Banks of South Africa (ABSA) until 2005 and Barclays Africa Group Limited until 2018, is a multinational banking and financial services conglomerate based in Johannesburg, South Africa and listed on the Johannesburg Stock Exchange.
Absa Group changed its name to Barclays Africa Group. [ 7 ] In 2016, Barclays Bank Plc, which owned 62.3 percent of Barclays Africa Group (BAG), the then parent company of Absa Bank Limited (the South African subsidiary), decided to divest its majority shareholding in BAG, worth £3.5 billion at that time.
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Commercial banking in the country is dominated by the "big five" banks: Standard Bank, FirstRand, Absa, Nedbank, and Investec. As of March 2020 [update] , they control nearly 90% of the sector's total assets.
Absa Bank: 87.134 6 Nedbank: 73.800 7 Attijariwafa Bank: 60.337 8 Banque Populaire: 47.915 9 Bank of Africa: 36.672 10 Access Bank: 33.448 11 Investec: 33.203 12 Banque Nationale d'Algérie: 32.229 13 Banque Extérieure d'Algérie: 29.966 14 Ecobank: 29.004 15 Zenith Bank: 27.446 16 Commercial International Bank: 25.675 17 United Bank for ...