Nedbank is among South Africa’s top four banks, offering a range of wholesale and retail banking services to an equally varied clientele. In our interview, three of its top executives, Ciko Thomas, Mike Brown and Mfundo Nkuhlu, discuss a bank that aims to use its financial expertise “to do good for individuals, families, businesses and society”.
Simon Hughes of International Banker interviews Mr. Mike Brown, Group Chief Executive Officer of Nedbank on the recent political turbulence in South Africa, the challenges facing the bank and Nedbank’s future plans.
Controversy involving a country’s top politicians often trickles down to its vulnerable financial sector; South African banks have joined the list of victims of decisions made by their political leadership that have caused credit ratings to plunge and economic prospects to tumble, posing a challenge to the healthy internal conditions of most banks. Will a bank crisis accompany the political one?
Africa is known as a resource-rich continent. It is now also becoming rich in growing consumer markets. Multinationals, hotels and even luxury-goods retailers are setting up shop across the continent, seeing it as the last great emerging opportunity.
In recent years, the reputation of South Africa’s banking industry has blossomed remarkably. It has become a well-regulated system that has seen large foreign players consistenty increase their presence within the country, while