Nedbank is currently one of the most prominent banks in South Africa.
As of June 2015, Nedbank’s market value was estimated at 9.85 billion US dollars, which is approximately 120 Billion Rand.
Knowing these figures, you’d be surprised to know that Nedbank is one of the newest South African banks to be incorporated.
It presently has its headquarters in Johannesburg.
Nedbank was actually founded in Amsterdam in 1888.
Back then, it was called the ‘Dutch Bank and Credit Union For South Africa.
The bank opened its offices in Pretoria in 1888 but later moved to Church Square a decade later in 1898.
In 1903, the bank was renamed to ‘Dutch Bank for South Africa.
After achieving an amount of success, the bank felt confident enough to open a branch in London in 1906.
However, in 1951, the bank split up and the part South African branch was renamed to Netherlands Bank of South Africa.
As a result of this, the bank witnessed an increase in its number of South African shareholders.
In 1969, the when the ‘Bank Mees En Hope’ sold off 20 percent of its shares, Netherlands Bank of South Africa became entirely South African, becoming independent as well.
The bank’s name was changed again in 1992, but this time to Nedcor Bank Limited. But later in the same year, Nedcor Bank merged with UAL and Syfrets and became Nedcor Investment Bank.
These were only a few in the series of changes the bank underwent.
On the first of January, 2003, a new Nedcor Group was formed with the combination of Nedcor Investment Bank, BoE and the Cape of Good Hope Bank.
In 2005, it was renamed to Nedbank Group – the brand we now know and trust.
Nedbank Online Banking And Other Services
Nedbank online banking aims to make banking and online payments easier, more accessible and more comfortable at anytime of any day.
With your laptop or Smartphone (mobile banking), you can easily transfer money to other accounts, make instant payments, but airtime or data bundles, pay electricity bills, and monitor your transactions.
Nedbank’s internet banking has proven to be secure with additional services like ‘Approve-it’.
Nedbank’s Approve-It is an additional protective feature that permits the user to ‘authenticate sensitive transactions’ with their cellphones.
The request for authentication comes as a message requiring the user to either accept or decline the transaction. The transaction cannot be processed without a response to this message.
Besides online banking, Nedbank offers a host of other services including student loans, home loans, investment options, insurance and trading.
Because of how well Nedbank takes care of its customers, it only stands to reason that it takes care of its employees similarly.
That is probably why many wish to work for Nedbank with ‘Nedbank Careers’ and ‘Nedbank Vacancies’ being among the bank’s website’s top searches.
The Infamous Nedbank Cup
The Nedbank cup has acquired attention over the years as a tournament that enables South Africa’s lower league compete with top tier clubs.
When the tournament premiered in 1971, it was referred to as the ‘Life Challenge Cup’ until 1975. In 1976, it became the ‘Benson and Hedge Trophy’. But it in 1978, it was changed again to the ‘Mainstay Cup’, a name it help for almost a decade.
When First National Bank took over the sponsorship in 1988, it became the ‘Bob Save Super Bowl’.
From 2003-2007, because the tournament was sponsored by ABSA (now known as Barclays Africa Group Limited), it was referred to as the ABSA cup.
In 2008, Nedbank assumed sponsorship of tournament and that was when it became what it is today – The Nedbank Cup.
1997 and 2002 are the only years the tournament was not played since its debut.
16 South African Premier Soccer League clubs, 8 National First Division teams and 8 amateur ranked teams compete for a cash prize of 6 Million Rand as well as qualifying for the next CAF confederation cup.
The team which places second receives 2.5 Million Rand while the 3rd and 4th placed teams each receive 1 Million Rand.
In this tournament, no team goes home empty handed.
The teams which place 5th place to 8th place receive 400,000 Rand each. 9th place to 16th place get 200,000 Rand each. And finally, the teams which come 17th to 32nd receive 100,000 Rand each for their efforts.