Nedbank named Best Bank in South Africa by Euromoney International Finance Magazine

Euromoney International Finance Magazine, a leading global banking publication, has named Nedbank Group as the Best Bank in South African at the 2012 Euromoney Awards for Excellence Dinner in London.

“It was a good year for South Africa’s banks. Bad debts were largely already cleared; percentage profit growth at the big four banks was in the twenties. But it is Nedbank that stands out above all, posting 26% growth in headline earnings and a 15.3% return on equity last year. The bank also continues to invest in the business, redeploying capital to more profitable products, and investing more in its staff,” said Euromoney Editor Clive Horwood.

Regarded as the benchmark awards for financial services globally, the Euromoney Awards for Excellence are now in their 22^nd year. This year’s awards process, which began in April, attracted over 600 submissions from the world’s banks and brokerage houses. Euromoney’s dedicated research team and awards panel then rated all the submissions on both quantitative and qualitative factors such as key performance indicators, financial ratios and innovation over the 12 month period to decide the award winners.

"Our vision is to build Africa’s most admired bank by our staff, clients, shareholders, regulators and the communities in which we operate. We pride ourselves on being a world-class financial institution and are deeply honoured by this award,” said Mike Brown, Nedbank Group Chief Executive.

"We have been building on our strengths in our wholesale businesses, growing our wealth business and repositioning our retail business to become more client-centric as we continue on our journey to become a great place to work, a great place to bank and a great place to invest. The award is testimony to the hard work of all Nedbank staff over the past few years,“ adds Brown.

The award follows on Nedbank being named the South African Bank of the Year 2011 by The Banker Magazine, as well as the Financial Times & International Finance Corporation Sustainable Bank of the Year for Middle East and Africa for 2012.