Essay: The History of Nedbank and about the bank

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  • Subject area(s): Business essays
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  • Published on: February 11, 2016
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  • The History of Nedbank and about the bank
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In 1831 the Cape Of Good Hope Bank (Nedbank) was established, further down the line Old Mutual became the major shareholder (53%) of Nedbank. It is now one of the four largest banking groups in South Africa and continues to grow; the company is a JSE top 40 and attracts shareholders from all over the world with its impressive banking services. And when they make money, they make money; they had as market capitalisation of 124 BN on the last day of 2014. Nedbank offers a wide range of wholesale and retail banking services along with many other services to meet every need anyone could have when it comes to banking. Nedbank refuse to be restrained to South Africa, They have a separate division called the rest of Africa division at the moment it is small, but growing in bottom line contribution. They hope to expand into the far reaches of Africa and display their dominance as a bank, and be Africa’s most admired bank.
Nedbank work strictly with precision and their values show you just that. These values consist of accountability, integrity, respect, pushing beyond boundaries. Their values and goals are very impressive and other businesses could take note. They are a strictly people centred company. Striving for only the approval of customers, they have been listed on the JSE since 1969.
Why Nedbank is the chosen JSE listed company
Nedbank is one of four largest banks in South Africa and is very well known, they also have a number of partners overseas showing that they have no boundaries when it comes to success.
With total assets of 810 bn and Headline earnings of 9.9 bn shows no chink in the armor. They have 7.1 mil clients and a total staff of 30 499 providing jobs to our unemployed nation.
The bank has preformed many different purpose CSR projects. Making them a bountiful choice, also having great future ideas. Their business morals and values are specific and they strive to follow them.
Nedbank are a well respected company in South Africa and has a good reputation. They have a very good marketing strategy using tools like marketing mix and SWOT analysis. Their strategic focus areas are client centred, manage value, and green and caring bank.
Many businesses can take note from Nedbank and how they run efficiently with their morals, values and goals
CSR Projects
Educating our nation
While education clearly drives our nation there are many reasons why Nedbank decided to get into a CSR project regarding our poor education system.
Those reasons being
‘ Addressing inequalities of South Africa’s past by empowering more South Africans to reach their full potential.
‘ Aligning with the South African government to eradicate poverty.
‘ Fostering a values-driven society.
There are two pillars that Nedbank use to carry out this project the first pillar focuses on individual learners and starting them from young and getting them bursaries. The second pillar helps fund certain school Nedbank are affiliated with and helps them to become more efficient.
Job creation
‘ Skills development programmes such as hospitality; winemaking; electrical engineering; plumbing; carpentry and furniture making.
‘ Small-enterprise development programmes at Holding Hands, the Intshanga Training Institution, the Furniture Technology Centre, Siyasiza Trust, the National Institute for the Deaf and Readucate, among others.
Building healthy communities
One organisation that has been supported by Nedbank is Doctors for life international, being a NPO. The area in which Nedbank focus is the seriousness of HIV/Aids due to
The fact Africa is the most affected continent Nedbank wants to help its roots.
Significant CSR project and why they chose it
Out of those three CSR projects, education stands out to be the most important and beneficial to our nation. Education is the key to the countries future without it South Africa will hit a downward spiral where youth get involved in crime and corruption.
The aim of Nedbank is to create easy ways to get education for those who cannot afford it, their primary goal is to get students a matric pass and as well as bursaries at universities around South Africa.
Nedbank have devised that without education there is no fuel added to the fire of our economy educated youth being the fuel. There will be no engineers leading to no development, no doctors leading to lives lost and no teachers to keep the consistency of education in this country.
The pillar method is very effective helping both individuals and schools as a whole. Therefore bringing great results to the table. Without education the other two CSR projects are not possible because who is going to train the people in need of jobs and the doctors needed for the fight against HIV/Aids. This is the most significant project due to education fuels the economy and without economy nobody can survive.
Sustainability
Sustainability is key to the success of the project due to the fact that the company is putting in so much money and need results else it becomes a loss. Having the project sustainable means more effect on the social areas it is focused on helping more and serving the economy to greater extent.
Education to Nedbank is the super power to all economies their CSR project with education is very sustainable looking at the results in the picture on the previous page, being able to contribute more each year means the project is sustainable and effective. When the project became sustainable Nedbank were able to expand to things such as teacher training and tertiary institutions.
A sustainable CSR project leads to better business, a better image and a happier community and that is why sustainability is so important because if not sustainable everyone is at a loss.
Bibliography
http://www.csi.nedbank.co.za/csi/sustainability-and-being-green
http://www.nedbankgroup.co.za/sustainabilityCSIIntro.asp
http://www.mediaclubsouthafrica.com/youth-and-education/2827-nedbank-back-to-school

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