Nedbank: Corporate, investment units unite

Published Nov 27, 2014

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NEDBANK would merge its corporate and investment banking units, it said yesterday, bringing wholesale operations under one management team. The bank, which is majority owned by insurer Old Mutual, said that Brian Kennedy, the head of Nedbank Capital, would be responsible for the merged unit from January 1. The head of Nedbank’s corporate division, Mfundo Nkuhlu, has already been appointed as the bank’s chief operating officer and will also start his new role on January 1. Together the two businesses contributed about half of Nedbank’s earnings in the six months to June, the bank said. Shares of Nedbank eased 0.16 percent yesterday to R243.60. – Reuters

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