Integrated wholesale business by Nedbank is on the cards
26 November 2014 saw the announcement by Nedbank Group that Nedbank Capital and Corporate will be integrated into a single client-facing, wholesale business cluster. This newly formed cluster will offer the full spectrum of wholesale products under one brand and one leadership team.
© svort - Fotolia.com
Mike Brown, Chief Executive of Nedbank Group noted that, "Both Nedbank Capital and Nedbank Corporate have excellent reputations for client service and performance, consistently producing returns on equity of above 20%. Together the businesses contributed 48% of the group's headline earnings as at 30 June 2014. Our objective is to create a wholesale business that combines the respective strengths of Nedbank Capital and Corporate to build a market leading franchise with an even stronger client-centred focus."
Brian Kennedy, who has been Managing Executive of Nedbank Capital since its formation in 2003 will be accountable for the combined wholesale business, including the implementation of the business structure and operating model with effect from 1 January 2015. At the interim results, then bank announced that Mfundo Nkuhlu who was previously Managing Executive of Nedbank Corporate is appointed as an Executive Director and Chief Operating Officer from 1 January 2015.
Kennedy has 26 years wholesale banking experience and has been with the group for 18 years. His appointment brings insight and continuity to the combined wholesale business, having been a member of the Group Executive Committee since 2003. He has worked closely with Nkuhlu and the Nedbank Corporate team over the years, building strong client relationships and creating unique customer solutions across Nedbank Capital and Corporate.
