The newly formed cluster is expected to offer a full spectrum of wholesale products under one brand and one leadership team.
“Both Nedbank Capital and Nedbank Corporate have excellent reputations for client service and performance, consistently producing returns on equity of above 20 per cent,” said group CEO Mike Brown.
“Our objective is to create a wholesale business that combines the respective strengths of Nedbank Capital and Corporate to build a market leading franchise with an even stronger client-centred focus.”
(READ MORE: Nedbank Group’s client base hits 6.9 million)
Brian Kennedy, who has been managing executive of Nedbank Capital since its formation, will be accountable for the combined wholesale business.
This includes the implementation of the business structure and operating model with effect from 1 January 2015.
Mfundo Nkuhlu, who was previously managing executive of Nedbank Corporate, was appointed as an executive director and chief operating officer from 1 January 2015.
“Brian has 26 years wholesale banking experience and has been with the group for 18 years. Brian’s appointment brings insight and continuity to the combined wholesale business,” [DATA NED:Nedbank] said.
“Brian has worked closely with Mfundo and the Nedbank Corporate team over the years, building strong client relationships and creating unique customer solutions across Nedbank Capital and Corporate.”