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COMPANIES AND DEALS

  2


NEDBANK PLOTS EXPANSION IN AFRICA WITH R12BN WAR CHEST

Currently, over 90% of Nedbank’s profits come from South Africa, but the bank
has set an ambitious target to generate just under half of its earnings from
other African markets within five to ten years — a leap from the current 9.2%.
By Adelaide Changole, Bloomberg 18 Nov 2024  12:30 

OVERVIEW OF NEDBANK GROUP LTD. - JSE:NED

Open: 52wk high: 52wk low: Volume: Bid: Offer:

19 Nov 24
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8 Nov 24
Nedbank kyk na digitale kliëntediens
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NEDBANK R286.92 -0.87% 19/11/2024, 02:00:34
Image: Shutterstock

Nedbank Group is setting out to reinvent itself across the African continent as
it looks to reduce its dependence on South Africa and nearly quadruple its
profit from other African markets over the next decade.

Armed with a war chest of R12 billion ($662 million) in excess capital sitting
on its books by end of June, South Africa’s fourth-largest lender by assets has
mapped out a strategy to build scale in booming sectors such as natural
resources and renewable energy. The bet is that these opportunities across the
continent will drive a transformative shift in its revenue mix.

ADVERTISEMENT

CONTINUE READING BELOW

Currently, over 90% of Nedbank’s profits come from South Africa, but the bank
has set an ambitious target to generate just under half of its earnings from
other African markets within five to ten years — a leap from the current 9.2%.

“We can easily get between 20% to 30%, and even closer to 40% if we grow in the
manner that we aspire,” Terence Sibiya, group managing executive for Nedbank
Africa Regions, said in an interview. Nedbank will be a different bank by 2029,
Sibiya said.

The move reflects a broader pivot by South African banks seeking growth beyond a
sluggish domestic economy. Rivals Standard Bank Group, and FirstRand have
already carved out substantial operations in East and West Africa.

www.moneyweb.co.za HighchartsChart context menuNED - Nedbank Group Ltd.21 Oct28
Oct4 Nov11 Nov18 Nov285290295300305NED - Nedbank Group Ltd.
Loading...
19/11/2024, 01:47:01


According to the International Monetary Fund, South Africa’s economy is expected
to expand by 1.1% in 2024, while Sub-Saharan Africa’s economy is projected to
grow at an average of 3.6% in 2024, with a forecast of 4.2% in 2025. The
disparity is significant, with Sub-Saharan Africa growing about 3 to 4 times
faster than South Africa.

Nedbank, with subsidiaries in Eswatini, Lesotho, Mozambique, Namibia, and
Zimbabwe, as well as representative office in Kenya, is also leveraging its 21%
stake in Ecobank Transnational to extend its reach in West Africa.

Despite this footprint, Sibiya acknowledges that Nedbank’s operations are
“sub-scale” and must grow to compete effectively.

“In the five existing territories, there’s definitely a massive focus now on
growing scale and getting to what we believe is a greater market share of the
profit pools there,” he said.

However, expansion into other African markets comes with challenges, including
political and regulatory risks and currency volatility that could squeeze profit
margins.

ADVERTISEMENT:

CONTINUE READING BELOW



The bank’s strategy targets high-growth sectors. It is deepening its presence in
Namibia, where mining and green hydrogen projects are surging, and Mozambique,
with its promising liquefied natural gas sector. In Kenya, Nedbank is
considering an an investment banking product that will help it tap into the
region’s renewable energy, and infrastructure finance needs throughout the East
African community.

Further, it is mulling adding a wealth management division to its Kenya unit, as
well as setting up a fund that focuses on women-led small businesses in the
region. A decision on the two initiatives is likely within 18 to 24 months,
Sibiya said.

“We are confident that given our current skill-set and areas of expertise that
we hold in our arsenal, growth on the continent presents a massive opportunity,”
Sibiya said.

© 2024 Bloomberg

Follow Moneyweb’s in-depth finance and business news on WhatsApp here.



TAGS: eSwatini |  Lesotho |  Mozambique |  Namibia |  Nedbank Group |  Terence
Sibiya



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COMMENTS   2

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JPN 4 hours ago

Better late than never…….

  2

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Th1nker 3 hours ago

Their Africa strategy was premised on buying into Ecobank and expanding into
Africa through them.

Ecobank was rotten and they got horribly burnt!! That was about 10 years ago.
Now they seem ready for round two.

Good luck!!

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