- Nedbank commits 662 million to expand across Africa, aiming to boost non-South African profits from 9.2 to 20-40 by 2029.
- Growth strategy includes wealth management in Kenya, women-led business funding, and stronger investment banking services in renewable energy and infrastructure.
- Expansion faces political, regulatory, and currency risks but leverages strengths in Namibias mining, Mozambiques LNG, and Kenyas renewable energy financing.
Nedbank, a renowned financial services group led by South African banker and business executive Jason Quinn, is embarking on a transformative journey with a 662 million investment aimed at expanding its footprint across Africa.
The move is designed to reduce the bank's reliance on South Africa, where over 90 percent of its profits are currently generated, and capture emerging growth opportunities in high-potential sectors such as renewable energy, natural resources, and infrastructure.
Terence Sibiya, group managing executive for Nedbanks Africa regions, emphasized that the strategy reflects the banks response to South Africas stagnant economy and the growing competition from rivals like Standard Bank Group and FirstRand, which have already established dominance in East and West Africa.
Targeting diversified growth across the continentNedbank's ambitious plan includes increasing earnings from other African markets to account for 20-40 percent of total profits by 2029, a substantial leap from the current 9.2 percent.
While the bank has operations in several African territories, these are described as sub-scale, necessitating aggressive market expansion.
