• Thursday, May 23, 2024
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Nedbank to merge corporate, investment banking units

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Nedbank, the South African lender majority owned by insurer Old Mutual, will merge its corporate and investment banking units, it said on Wednesday, bringing wholesale operations under one management team.

South Africa’s fourth-largest bank said in a statement that Brian Kennedy, head of Nedbank Capital, will be responsible for the merged unit from Jan. 1.

The head of Nedbank’s corporate division, Mfundo Nkuhlu, has already been appointed as the bank’s chief operating officer and will also start his new role on Jan. 1.

Together the two businesses contributed around half of Nedbank’s earnings in the six months to end-June, the bank said.

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It said last month it would acquire 20 percent of pan-African lender Ecobank Transnational for $493 million.

Shares of Nedbank were little changed at 245.63 rand at 0829 GMT.