Nedbank Group lists on local bourse

NEDBANK Group listed on the Namibian Stock Exchange on Friday, making it the second banking group listed on the NSX after First National Bank Holdings (FNB).

The Group announced that this move was “showing commitment to the development of the country and providing Namibian investors access to the shares of Nedbank”. The bank, which has been operational in the country since 1973, has over 3 000 corporate clients and more than 50 000 retail customers.This means that all three of the Group’s companies – Old Mutual Group, Nedbank Group and Mutual and Federal – are now dual-listed in Namibia and on the JSE.Nedbank Group is South Africa’s fourth largest banking entity, with a market capitalisation of more than R60 billion and has been on the Johannesburg Stock Exchange (JSE) since 1969.Last year Old Mutual with Nedbank Group and Mutual and Federal signed Namibia’s biggest broad-based black economic empowerment (BEE) deal, which is expected to benefit over 250 000 previously disadvantaged people.Outlining the many various duties of the company, Nedbank Africa Managing Director Denys Denya said, “Above all, more than being a financial institution, an innovator, a marketer and sponsor, we are a citizen of Namibia.And we believe that for a nation to compete and prosper, civil society needs people who are prepared, competent and enthusiastic enough to drive future economic development.”The bank, which has been operational in the country since 1973, has over 3 000 corporate clients and more than 50 000 retail customers.This means that all three of the Group’s companies – Old Mutual Group, Nedbank Group and Mutual and Federal – are now dual-listed in Namibia and on the JSE.Nedbank Group is South Africa’s fourth largest banking entity, with a market capitalisation of more than R60 billion and has been on the Johannesburg Stock Exchange (JSE) since 1969.Last year Old Mutual with Nedbank Group and Mutual and Federal signed Namibia’s biggest broad-based black economic empowerment (BEE) deal, which is expected to benefit over 250 000 previously disadvantaged people.Outlining the many various duties of the company, Nedbank Africa Managing Director Denys Denya said, “Above all, more than being a financial institution, an innovator, a marketer and sponsor, we are a citizen of Namibia.And we believe that for a nation to compete and prosper, civil society needs people who are prepared, competent and enthusiastic enough to drive future economic development.”