Nedbank Group has been named as the Bank of the Year in South Africa for 2006 at the annual awards of The Banker magazine announced in London on Thursday night.
The Banker award acknowledges “the major turnaround of the Nedbank Group in the past two years, reflected in significantly improved earnings and financial ratios and substantial shareholder value being rebuilt”.
In a statement, The Banker said Nedbank Group had been substantially restructured with an increasing emphasis on the customer.
“In short, it has returned to the business of banking, stemming losses to market share and improving internal processes and systems, information systems, capital management and branding.”
Now in its seventh year, The Banker awards recognise the best overall performance of banks in their respective countries. Previous winners of the South African award are Standard Bank, Absa and Investec.
Nedbank Group also received the award for the Corporate Social Responsibility Bank of the Year in emerging markets for the second consecutive year.
The Banker is published by the Financial Times and has been producing global financial intelligence since 1926, with monthly coverage of retail, corporate and investment banking. — I-Net Bridge