| Fri 26 Nov 2010, 14:16 | | NED - Nedbank Group - Press release regarding Nedb |
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NED NBKP
NED
NED - Nedbank Group - Press release regarding Nedbank re-organising to deliver
on the turnaround of the retail business
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
PRESS RELEASE REGARDING NEDBANK RE-ORGANISING TO DELIVER ON THE TURNAROUND OF
THE RETAIL BUSINESS
Ingrid Johnson, the Nedbank Group Managing Executive of Retail and Business
Banking responsible for 20 000 staff across South Africa and R235 billion of
advances, has announced a new structure and key appointments to facilitate the
turnaround of the Retail business.
"While rebuilding and strengthening the Retail Executive Team, addressing the
Retail impairment challenges particularly in Home Loans and driving the Imperial
Bank integration, I have also invested significantly in leading a strategic
review process of Nedbank Retail to position the business on a sustainable,
profitable growth path.
This has culminated in an organisational redesign following the new strategic
direction communicated at the interim results stage. This will enable me to
effectively drive the business turnaround whilst also enhancing our customer
banking experience through their life cycle, importantly emphasising youth and
entry level banking as well as small businesses and entrepreneurs."
As a consequence of this new strategic direction, Retail has been organised into
four complementary line businesses, namely Consumer Banking, Retail Relationship
Banking (a combination of Small Business Services and Nedbank Private Bank),
Card and Secured Lending, which together with Business Banking will report
directly to Ingrid Johnson.
Ciko Thomas, who is currently responsible for Group Marketing, Communications
and Corporate Affairs and a member of the Nedbank Group Executive Committee, has
now been appointed to head up Consumer Banking (which includes the branch
network, personal loans and personal banking / client value management). Ciko
has the relevant brand and market insights to successfully position Nedbank in
the unique South African consumer market and significantly grow our client base.
Sibongiseni Ngundze has been appointed to the enlarged role of Retail
Relationship Banking. He has been in banking for 20 years and brings a wealth
of insight into this important growth market.
Sydney Gericke and Keith Hutchinson who are both seasoned bankers continue as
the Managing Executives of Card and Secured Lending respectively.
Within Consumer Banking, our strong positioning in Personal Loans will be used
to expand our banking offering and presence for entry-level banking and the
youth. The innovative M-Pesa mobile solution brought to market by Nedbank
Mobile Money in partnership with Vodacom is an important addition to our range
of services and is steadily gaining momentum.
Ingrid Johnson noted that "the client relationship experience will be enhanced
by removing servicing overlaps with Small Business / Nedbank Private Bank and
enabling an integrated Business Banking / Small Business offering which captures
the business, its owner, employees and card acquiring. I wish the team well in
their new or redefined roles in a more streamlined organisational design to
accelerate delivery of the sizeable business challenges and opportunities within
Retail and Business Banking."
Mike Brown, the Chief Executive of Nedbank Group commented: "These appointments
demonstrate the strength of the organisation in terms of the depth of our
succession and transformation plans, and reflects good collaboration across the
bank to provide career growth opportunities whilst aligning with the strategic
intent of building Africa`s most admired bank."
Following the fundamental transformational change driven by Ingrid Johnson`s
leadership in Business Banking over the past 5 years to a proven differentiated
offering for Business Banking clients, Nedbank is well placed to accelerate its
efforts in providing Retail clients a choice of innovative, client-centred
banking experiences that build deep and enduring banking relationships with
Nedbank.
Sandton
26 November 2010
For further information please contact:
Ingrid Johnson (Group Managing Executive: Retail and Business Banking)
tel: +27 (0) 11 295 8166, email: ingridj@nedbank.co.za
Penny Himlok (Tier 1 Investor Relations)
tel: +27 (0)11 295 6549, email: pennyh@nedbank.co.za
Sponsors to Nedbank Group in South Africa:
Merrill Lynch South Africa (Pty) Limited
Nedbank Capital
Sponsor to Nedbank Group in Namibia:
Old Mutual Investment Services (Namibia) (Pty) Ltd
Date: 26/11/2010 14:10:15 Produced by the JSE SENS Department.
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