Simplify our structure to unlock value

Simplifying ownership

In 2010 we bought out the minority shareholders in Mutual & Federal (M&F) and delisted it from the Johannesburg Stock Exchange.

Full ownership has removed the potential conflicts associated with minority interests and was the catalyst for M&F's Step Change programme which is already delivering improved performance.

M&F's new vision and strategic objectives are aligned with the Group's customer-centred approach. Peter Todd was appointed Managing Director in December 2010. As well as delivering good results for 2010, it has partnered with OMSA Retail Mass Foundation cluster, to launch its new iWYZE direct short-term insurance channel, and with underwriting management agencies to widen its product offering.

Integrating operations

We simplified operations in Nedbank by buying out Imperial Holdings' share of Imperial Bank and integrating it fully into Nedbank. This terminated an onerous funding arrangement and enabled us to rationalise two vehicle asset finance infrastructures into one stronger business. This gave us full control of Imperial Bank's vehicle finance brand (Motor Finance Corporation) which is well known in the car dealer market and allowed Nedbank to cross-sell to Imperial's customer base.

We avoided redundancies by redeploying some 460 people within Nedbank's 27,500-strong workforce: this was not only good for morale but also enabled us to focus on maintaining business momentum, so there has been no loss of market share.