Nedbank Group has announced plans to reduce its reliance on South Africa and nearly quadruple its profits from other African markets within the next decade. Equipped with R12 billion in excess capital, the bank aims to scale its operations in sectors like natural resources and renewable energy across the continent. Currently, over 90% of Nedbank’s profits come from South Africa, but the bank seeks to generate nearly half its earnings from other African regions within five to ten years. Leveraging subsidiaries in Southern Africa and a 21% stake in Ecobank, the bank plans to replicate rivals Standard Bank and FirstRand’s success in East and West Africa, driving a transformative shift in its revenue mix.
