Continued growth for Nedbank

Wednesday 03 May 2017

Nedbank has announced strong growth in new business flows and profits for the financial year ending 2016.

Jersey based Cameron Walker, who is Head of Relationship Management at Nedbank Private Wealth, said: “It has been another remarkable year of growth and the Jersey operation alone has had its strongest year for some time with growth in total client wealth of over 20% year-on-year."

“This has been led by growth in both deposits and assets under management and administration of 23%, as well as growth in lending of 7.5%.”

Mr Walker added that the Jersey business had also seen a strengthening of its team with the addition of five new recruits during the year and was excited to record that this strong growth had been reflected right across the group.  

“It was wonderful to round off the year by receiving the award for Private Bank of the Year – Channel Islands at the Citywealth IFC Awards.” he concluded.

Overall growth in profit after tax for the international Group was up 52% on the prior year in its wealth division, although the firm says this was distorted by a one-off extraordinary item in 2016. 

Pictured: Greg Horton, Executive Head Nedbank Private Wealth - International

Also, Nedbank Private Wealth has recently been named Private Bank of the Year 2017 at the City of London Wealth Management Awards.  

Greg Horton, Executive Head Nedbank Private Wealth - International, said: “I see the key drivers for growth as being the business’s consistent profile of success and its excellent reputation for integrity and exemplary client service.  Our principal aim has remained unchanged in over two decades, to serve our clients better than any other financial services organisation.  We have amassed over 70 national and international awards over this time for our product range, client service and employee engagement levels, all evidencing the fact we have never lost sight of this objective.” 

Mr Horton continued: “We anticipate further solid growth during 2017 as the business continues to see the benefits from a growing footprint across our various geographical locations, all of which are now highly profitable in their own right.   

“We are prioritising our technology solutions and over the next four years, we have an exciting programme of releases that will see our Focus service transition into a full multi-channel and omni-channel solution for our private clients and professional intermediaries.”