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Outgoing Nedbank CEO Mike Brown reflects on 30-year journey
Nedbank is the best performing banking stock on the JSE in the past three years having gained 67 per cent. The stock is down on a five year term, however, down around 9 per cent along with Absa versus just a smaller losses from Standard Bank and Absa. Outgoing Nedbank Group CEO, Mike Brown joins CNBC Africa for more.
Tue, 09 Apr 2024 11:29:29 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Nedbank emerges as the best performing banking stock on the JSE, facing challenges amidst the stock downturn over the past five years.
- Mike Brown shares key challenges faced during his tenure, highlighting the difficulties of managing a bank during the COVID-19 pandemic and dealing with the loss of a chairman.
- Brown emphasizes the need for increased collaboration between the government and the private sector to address critical issues like energy, logistics, crime, and corruption, while also discussing the role of AI in banking for future growth.
Outgoing Nedbank Group CEO Mike Brown reflects on his 30-year journey with the company in an insightful interview with CNBC Africa. Nedbank has emerged as the best performing banking stock on the JSE in the past three years, with a solid gain of around 67%. However, the stock has experienced a downturn over the past five years, showing a decrease of approximately 9% alongside Absa, while Standard Bank and FirstRand have faced smaller losses. Brown, who has led the company for the past 15 years, discusses the challenges he faced during his tenure and highlights some key moments in his career. Brown shares his thoughts on the importance of growing the economic cake in South Africa and reflects on the need for increased collaboration between the government and the private sector to address critical issues like energy, logistics, crime, and corruption. He also delves into the role of AI in banking and the potential transformative impact it could have on the industry. As Brown prepares to step down from his role, he outlines his plans for the future and emphasizes the importance of creating a vibrant economy that can sustain growth and development for all South Africans.
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