- Knowledge Centre
Nedbank Group Limited is a bank holding company, with its principal banking subsidiary being Nedbank Limited.
The company's ordinary shares have been listed on the Johannesburg Stock Exchange since 1969.
Just over 55% of the stock is owned by Old Mutual.
Nedbank Group is South Africa's fourth largest banking group measured by assets, with a strong deposit franchise, the second largest retail deposit base, a client-centric wholesale and retail franchise, and a substantial and growing bancassurance and wealth management offering.
The group offers a wide range of wholesale and retail banking services through five main business clusters, namely:
Nedbank Group focuses on southern Africa, with the group positioned as a bank for all - from both a retail and a wholesale banking perspective.
The principal banking services offered by Nedbank Group comprise business, corporate and retail banking, property finance, investment banking, private banking, foreign exchange and securities trading.
Nedbank Group also generates income from private equity, credit card issuing and processing services, custodial services, unit trust administration, asset management services and bancassurance.
This is the division perhaps of most interest to expatraites.
Offshore banking services, such as those offered via Nedbank Private Wealth, can benefit expats because no matter where an expat lives or works, their money can be safe offshore in a well-regulated jurisdiction.
Equally, expats’ wealth can be kept in a tax efficient environment so that, as a non-resident in their home country, they are not unfairly taxed.
Multi-currency services are normally available from offshore accounts, including for debit or credit cards.
Private banking offshore is surprisingly accessible for expats, with many benefits available over and above standard current accounts available in home or onshore jurisdictions.
Nedbank Private Wealth is a private bank headquartered in the Isle of Man. It offers an open architecture banking and investment platform for international investors - which they call their Focus Account.
Nedbank Private Wealth is the offshore banking subsidiary of the South Africa based Nedbank Group.
As Nedbank Group is largely owned by Old Mutual, the Fortune 500 financial services giant, and the Isle of Man has a Aaa rating, this offers a high degree of banking security for expats choosing the Focus Account.
International private banking services in up to 15 different currencies are integrated into the Focus platform.
Direct Equity, Funds and ETFs are all available within it as well, and a range of in-house solutions such as multi-asset funds or segregated discretionary portfolios.
Borrowing can be negotiated against invested assets and property through the platform – including for UK properties.
Pensions, ISAs (in its London Branch), SIPPS, trusts and tax wrappers such as offshore bonds can all be consolidated into a single point of access.
Nedbank Private Wealth has won a large number of awards because of its high levels of service and its traditional values, some of which are explained in this short film.
DIY, intermediated, and discretionary options are all available.
It is not, however, suitable for clients with a smaller amount of wealth to manage or invest due to transfer, dealing and custody charges associated with individual service.
Subject to status, lending can be secured against a range of assets, including investment holdings and property.
This approach brings significant additional flexibility to the management of a private banking and/or investment portfolio.
Nedbank offers a full suite of expat financial services, including a full fiduciary offering.
The bank helps clients manage the complexity of providing individual tailored solutions to efficiently manage family and business wealth assets.
The gateways to their international trust and company services, for individuals and corporates, are through Nedbank's trust businesses in Jersey and Guernsey, both of which are leading international financial centres, with worldwide recognition as respected and highly regulated jurisdictions.
Features and benefits:
Utilise appropriate structures for:
Services Nedbank offers:
Having never worked with a private bank before, I wasn't sure I was eligible for an account with Nedbank...but after speaking to them I was quickly assured I was eligible, and indeed, that they'd be able to exceed my expectations.
I use my account for the management of ALL my money needs - banking, credit, lending and investing.
Have to say, I'm surprised when more people haven't heard of banking like this - I'm a bit of an evangelist now - converting colleagues and friends to Nedbank and integrated banking!
In our view, the transparency, security and flexibility offered by the Nedbank Focus platform affords expats and investors an excellent platform on which to build and manage wealth.
The availability of funds is impressive, including ETFs, which sits well with our own strategy of passive or evidence-based investing.