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NED NBKP
NED NBKP
NED / NBKP - Nedbank - Business Restructuring And Group Executive Committee
Appointments
NEDBANK GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06
JSE share code: NED
NSX share code: NBK
ISIN: ZAE000004875
("Nedbank Group" or "the group")
NEDBANK LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1951/000009/06
JSE share code: NBKP
ISIN: ZAE000043667
BUSINESS RESTRUCTURING AND GROUP EXECUTIVE COMMITTEE APPOINTMENTS
Nedbank Group announces that the Business Banking division within Nedbank
Corporate will become a stand-alone business cluster with effect from 1 January
2009. The chief executive of Business Banking, Ingrid Johnson, will then report
directly to the group`s chief executive, Tom Boardman.
Business Banking services clients with annual turnovers up to R400 million and
is differentiated in the market through its decentralised, regional structure
and client-centric business model. The business has over 22 000 clients.
Nedbank Group`s client-facing structures will then comprise Nedbank Corporate,
Nedbank Business Banking, Nedbank Capital, Nedbank Retail and Imperial Bank.
Tom Boardman said the decision to create a new business cluster recognised the
strategic importance of Business Banking within the group. "Business Banking has
shown strong growth momentum in recent years under Ingrid Johnson`s leadership
and in the last financial year accounted for 21% of the group`s headline
earnings."
Ingrid Johnson has 15 years experience at Nedbank and was previously head of
Corporate Banking before being appointed to her current role in February 2005.
The group also announced that Mfundo Nkuhlu has been appointed deputy chief
executive of the Nedbank Corporate business cluster while retaining his current
responsibilities as chief executive of Corporate Banking. Mfundo continues to
report to Graham Dempster, chief executive of Nedbank Corporate.
Mfundo joined Nedbank in 2004 as head of Nedbank Africa and was appointed head
of Corporate Banking the following year. Prior to joining Nedbank he held senior
executive positions at the South African Revenue Service and the Department of
Trade and Industry.
Ingrid Johnson and Mfundo Nkuhlu have also been appointed to the Nedbank Group
Executive Committee ("Group Exco").
"The appointments of these two experienced bankers will strengthen the Group
Exco and enhance transformation and succession planning at a senior level," said
Boardman.
Sandton
25 November 2008
For further information contact
Tier 1 Investor Relations
Tel: +27 (0)21 702-3102
Sponsors
Merrill Lynch South Africa (Pty) Limited
Nedbank Capital
Sponsor in Namibia
Old Mutual Investment Services (Namibia) (Pty) Ltd
Date: 25/11/2008 15:03:03 Produced by the JSE SENS Department.
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