Nedbank mulls entry points into East Africa
Expansion could take the form of M&A or a digital offering to increase the group’s presence
Nedbank, the country’s fourth-largest bank by assets, is assessing possibilities to expand into countries on the east African seaboard after the rebranding of its subsidiary in Mozambique on Monday.
The strategic intent to expand into Tanzania, Kenya, Uganda and even as far north as Ethiopia stems from the group’s desire to diversify its dependence away from SA, where it still generates 95% of its earnings, says Nedbank Africa Regions managing executive Terence Sibiya. ..