Cor­po­rate, in­vest­ment units unite

The Star Early Edition - - COMPANIES -

NED­BANK would merge its cor­po­rate and in­vest­ment bank­ing units, it said yes­ter­day, bring­ing whole­sale op­er­a­tions un­der one man­age­ment team. The bank, which is majority owned by in­surer Old Mu­tual, said that Brian Kennedy, the head of Ned­bank Cap­i­tal, would be re­spon­si­ble for the merged unit from Jan­uary 1. The head of Ned­bank’s cor­po­rate di­vi­sion, Mfundo Nkuhlu, has al­ready been ap­pointed as the bank’s chief op­er­at­ing of­fi­cer and will also start his new role on Jan­uary 1. To­gether the two busi­nesses con­trib­uted about half of Ned­bank’s earn­ings in the six months to June, the bank said. Shares of Ned­bank eased 0.16 per­cent yes­ter­day to R243.60. – Reuters

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