Nedbank on cloud nine

Many of the causes behind the crises in the global banking industry can be attributed to a lack of the traditional banking values, says Nedbank CE Mike Brown in what is clearly a statement issued from cloud nine.

Brown did not stop there but added that Nedbank is a custodian of these traditional banking values. Brown made this comment when releasing the group’s financial results about two weeks ago and the bank repeated the statements in a press release issued a week later.

“As an organisation that is vision led and values driven, Nedbank has a strong corporate culture which influences the strategic choices we make and ultimately the business results we achieve”, said Brown. This is after the bank announced headline earnings growth of 25,1% to R3 468m for the six months to June 2012.

Brown referred to the significant impact that unsound banking practices have had on the economic condition of many countries around the world. The Nedbank statement said this is a salutary reminder of the profound responsibilities that banks have as custodians of a nation’s savings and as mobilisers of the efficient deployment of capital in laying the foundation for economic growth and job creation activity to flourish.

During the global credit crisis the SA banking industry has further enhanced its historically strong reputation as a consequence of the long-established sound and traditional banking practices adopted within a well-managed and regulated environment.

Nedbank’s corporate culture journey began in 2005 with the introduction of the Barrett Culture Survey, followed in 2006 by the launch of Leading For Deep Green programme. The Barrett Culture Survey is a comprehensive tool that allows Nedbank to measure and manage the organisation culture. The survey is conducted annually and it highlights the degree of alignment between a staff member’s personal values to their perceptions of the organisation’s current and desired values.

“Overall, our current culture shows that we are an organisation driven by values that promote accountability, a strong focus on meeting client needs and building a positive brand image. Such values translate into behaviours and affect all that we do,” says Brown.

Leading For Deep Green was initially aimed at Nedbank executive and senior management level but has been extended to include middle management. To date, approximately 8 000 staff have attended the programme.

“Leading For Deep Green is an opportunity for individuals and teams to reflect on themselves and their team to increase their own self-awareness and personal mastery, and their team’s effectiveness,” concludes Brown.

Nedbank Group continued to deliver on its vision of building Africa’s most admired bank by all its stakeholders and has made a positive contribution to SA and the other countries it operates in.  It has achieved this by positioning itself as a bank for all and by providing relevant and great-value banking services.

Nedbank’s client focus resulted in the bank paying out R69bn in new loans and opening 76 new staffed outlets and 385 ATMs during the year. A number of innovative banking solutions were launched during the year including Approve-it™, Nedbank 4 Me, MyFinancialLife™ and the Nedbank App Suite.

Nedbank’s consistent efforts have not gone unnoticed by some of the industry’s leading commentators with the bank receiving The Financial Times and Banker Magazine’s South African Bank of the Year 2011, the Financial Times & International Finance Corporation Sustainable Bank of the Year for Middle East and Africa for 2007, 2008, 2010 and 2012 and more recently Euromoney International Finance Magazine’s Best South African Bank for 2012.


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