Cape Town - Leading global banking publication The Banker magazine has named Nedbank Group [JSE:NED] as the South African Bank of the Year for 2013 at a gala function in London on 28 November 2013.
The award recognises excellence in banking across the globe.
"The judges were particularly impressed by Nedbank's continuing efforts to boost its non-interest revenues, which grew 14% in the first nine months of 2013. This focus has seen the bank's valuation - based on its price to book ratio - rise relative to that of its peers in recent years and led to its share price increasing significantly in the year to date.
"The judges also commended the progress Nedbank has made in developing its integrated-channel approach, improving the ability of its customers to access banking services through electronic channels," said Paul Wallace, Africa editor of The Banker.
The award is even more noteworthy given the fact that South Africa was rated third in the world for "soundness of banks" and second for "availability of financial services" in the recent World Economic Forum’s Global Competitiveness Report.
The award recognises excellence in banking across the globe.
"The judges were particularly impressed by Nedbank's continuing efforts to boost its non-interest revenues, which grew 14% in the first nine months of 2013. This focus has seen the bank's valuation - based on its price to book ratio - rise relative to that of its peers in recent years and led to its share price increasing significantly in the year to date.
"The judges also commended the progress Nedbank has made in developing its integrated-channel approach, improving the ability of its customers to access banking services through electronic channels," said Paul Wallace, Africa editor of The Banker.
The award is even more noteworthy given the fact that South Africa was rated third in the world for "soundness of banks" and second for "availability of financial services" in the recent World Economic Forum’s Global Competitiveness Report.