Nedbank presses ahead with retail expansion

Nedbank is pressing ahead with its retail services expansion plan and marked the opening of a new branch at Beaufort West in the Western Cape as an action in keeping with its ongoing commitment to continue making banking more accessible to all in South Africa.

The launch of the branch brought Nedbank’s total number of branches to 468. The retail growth theme featured prominently in Nedbank’s latest financials for the six months ended June 2012 where the banking group showed 25% growth in headline earnings, 11,0% growth in net interest income, 15,8% growth in non-interest revenue. The group said “retail’s accelerating momentum is reflected in 38,4% headline earnings growth and improving  roe to narrow the gap in relation to the cost of equity. This is testimony to the excellent progress strategically and financially in repositioning the cluster. The group added that diligent execution of the distinctive client-centred growth strategy and effective risk management practices resulted in strong client gains, increased transactional and lending volumes, and lower impairments, while also further strengthening balance sheet impairments and expanding distribution.

“We are delighted to bring full banking services to Beaufort West, building on our fast growing footprint in the Western Cape. The Nedbank Beaufort West Branch launch comes closely after the opening of three branches in this province in the first half of the year,” said Dave Schwegmann, Managing Executive: Branch Network at Nedbank.

The bank said over the past five years, the surrounding areas of Beaufort West have seen a significant infrastructure investment with the construction of two shopping malls and three institutions of higher learning, contributing towards economic growth and employment opportunities in the community.

“These are great developments for the local and business communities, creating an opportunity for Nedbank to have strong presence on the ground. Through our client-centered strategy, we seek to deliver relevant products and services that meet the individual needs of new and existing clients. As such, we spend a great deal of time listening to and understanding the needs of our clients, to ensure we deliver a distinctive client experience and build enduring relationships throughout every stage of their lives,” said Schwegmann.

The new branch will offer a full bouquet of retail products and services such as Nedbank Savvy, Nedbank Green Savings Bond and the Nedbank Ke Yona pay-as-you-use transactional account – which includes funeral cover, a personal loan facility, the JustSave account and the Vodacom m-pesa money transfer solution – enabling clients to transact, borrow, save and insure.

To encourage the youth to save and build financial fitness from an early age, the newly launched Nedbank 4me – ‘My Future, My Bank’ enables the youth to transact and save with the benefit of earning a preferential interest. The Nedbank 4me offering is based on four key pillars; ‘4spending, 4saving, 4growing, 4good’ and comprises a full transactional banking account with no monthly fees and free initial transactions. Thereafter reduced pay-as-you-use pricing, free eNotes and self-service banking are available.

Leave a Reply

Your email address will not be published. Required fields are marked *