UNITED NATIONS GLOBAL COMPACT - COMMUNICATION OF PROGRESS FOR THE YEAR ENDED 31 DECEMBER 2019 - AWS
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UNITED NATIONS GLOBAL COMPACT UNGC COMMUNICATION OF PROGRESS FOR THE YEAR ENDED 31 DECEMBER 2019
CONTENTS
1 LETTER FROM OUR CHIEF EXECUTIVE
2 NEDBANK GROUP AT A GLANCE
4 REFLECTIONS FROM OUR CHAIRMAN
6 OUR VALUE-CREATING BUSINESS MODEL
8 OUR PURPOSE, VISION, BRAND AND VALUES
10 REFLECTIONS FROM OUR CHIEF EXECUTIVE
14 RESPONSE TO COVID-19
17RISK AND OPPORTUNITIES IN
OUR OPERATING ENVIRONMENT
27 OUR STRATEGIC FOCUS AREAS AND ENABLERS
40 RECOGNITION AND RATINGS
41 VALUE FOR STAKEHOLDERS
55 TEN-YEAR REVIEW
63 GLOBAL REPORTING INITIATIVE
STANDARDS INDEX
IBC CONTACT DETAILS
LETTER FROM OUR
CHIEF EXECUTIVE
NEDBANK GROUP – CONTINUED COMMITMENT
TO THE UNITED NATIONS GLOBAL COMPACT
As Chief Executive of Nedbank Group, I reaffirm our commitment to the United
Nations Global Compact and the 10 principles that underpin it. In addition, as
a Group, we remain a signatory to the Equator Principles and the CEO Water
Mandate and we continue to support the UNEP FI Positive Impact Working Group.
These commitments, along with deliberate focus on the Sustainable Development
Goals (SDGs), form an important part of our overall strategy as we align our core
business to deliver on our purpose – to use our financial expertise for the good of
individuals, families, businesses and society.
The SDGs represent a powerful lens to identify opportunities for business
innovation and growth, and they define the ‘good’ in our purpose. As such, in 2019
we continued to reorient our strategic approach to focus on the most material
SDG targets through our three main points of leverage – Products and Services:
Sustainable Development Finance, Operations and Corporate Social Investment.
In recent weeks we have seen the increasing impact of Covid-19 on individuals,
families, businesses, societies and countries as infection rates escalate around
the world and here in SA. In response to this, governments everywhere are
implementing emergency lockdown measures to curb the spread of the virus and
these in turn are having enormous impacts on economic activity. The duration and
impact of these interventions are not possible to forecast accurately.
I would like to assure stakeholders that we are working tirelessly to ensure that
we are able to deal with this escalating challenge. While our number-one focus is
on the health and safety of our staff as we continue to serve our clients given that
banking is an essential service, we have pivoted our strategy to increase focus
on managing liquidity, capital, market and credit risk alongside ongoing scenario
modelling and stress testing.
We are proud to support the work undertaken by the UNGC, cognisant of the
important role that the private sector plays in this.
Yours sincerely
Mike Brown
Chief Executive Officer
31 March 2020
NEDBANK GROUP UNITED NATIONS GLOBAL COMPACT COMMUNICATION OF PROGRESS 2019
1
NEDBANK
GROUP
AT A GLANCE
OVERVIEW OF
NEDBANK GROUP
Nedbank Group is one of the largest financial
services groups in Africa, offering wholesale and
retail banking services as well as insurance, asset
management and wealth management. In SA
we have a strong franchise evidenced by a 19% TOTAL HEADLINE CET1
deposit and 19% advances market share. ASSETS EARNINGS CAPITAL
RATIO
Outside SA we operate in five countries in SADC, R1,1 trillion R12,5bn
through subsidiaries and banks in Lesotho, 11,5%
Mozambique, Namibia, eSwatini (Swaziland) and
Zimbabwe (during 2019 we sold our operations
in Malawi). In Central and West Africa we have
BANKING ADVANCES DEPOSITS
a strategic alliance with Ecobank Transnational (Rbn) (Rbn)
Incorporated (ETI) and we have representative
offices in Angola and Kenya.
Outside Africa we have a presence in key global
financial centres to provide international financial
services for Africa-based multinational and high-
net-worth clients, in Guernsey, Isle of Man, Jersey
904
648
764
679
826
672
726
762
772
713
and London, and we have a representative office
in Dubai. 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
WHAT DIFFERENTIATES NEDBANK?
We are a purpose-led business, Good Experienced Selective origination
underpinned by a unique corporate governance and management and sound risk
culture and progress towards being ESG leadership teams management
more client-centred and innovative
Leadership positions in renewable-energy Prudent management of Strong position as a bank that
finance, corporate and commercial- our expenses over time and is committed to doing business
property lending, small business services, continuing to lower our cost- in a manner that positively
retail vehicle finance, card acquiring, to-income ratio through cost builds society at large
digital client value propositions, asset optimisation initiatives
management and wealth management
Technology strategies and innovations Top-tier ESG rankings Improving and, in many cases,
that position Nedbank to be more and practices leading client satisfaction
digital, agile and competitive metrics
NEDBANK GROUP UNITED NATIONS GLOBAL COMPACT COMMUNICATION OF PROGRESS 2019
2
MARKET CLIENTS EMPLOYEES TOP-TIER CLIENT MARKET-
CAPITALISATION SATISFACTION LEADING
7,8m 29 403 AND LEAGUE DIGITAL
R107bn TABLE RANKINGS INNOVATIONS
ASSETS UNDER
MANAGEMENT Level 1 MSCI
ESG
CARBON-
NEUTRAL
DOW JONES
SUSTAINABILITY
(Rbn)
BBBEE RATING: OPERATIONS EMERGING
CONTRIBUTOR
STATUS
AA AND EFFECTIVELY
NET-ZERO
MARKETS INDEX
INCLUSION
OPERATIONAL SINCE 2004
WATER USAGE
273
297
257
331
312
2015 2016 2017 2018 2019
Information as at 31 December 2019
A wholesale-biased business model Access to the largest banking Well positioned to benefit
positions us well to benefit from an network in Africa through our from a recovery in SA
increase in business confidence and own operations in SADC and economic growth
economic growth our strategic alliance with ETI
in 39 countries ASSETS BY GEOGRAPHICAL
AREA
WHOLESALE VERSUS RETAIL (%)
ADVANCES
(%) 7 3
36,5 R1 143bn
R797bn
63,5 90
Ecobank presence
Nedbank presence
South Africa International
Ecobank and
Retail Wholesale Nedbank presence The rest of Africa
NEDBANK GROUP UNITED NATIONS GLOBAL COMPACT COMMUNICATION OF PROGRESS 2019
3
BEING
POSITIONED
FOR VALUE
CREATION
REFLECTIONS FROM
OUR CHAIRMAN
As a trusted brand with a growing footprint in Africa and innovative
new products and services, Nedbank is well positioned to build on the
positive and sustainable impact it has already made. The social and
economic impact of Covid-19 is unlike anything we have seen before.
Global markets and equities have come under pressure and in SA
we have had the dual impact of the lockdown as well as the ratings
downgrades. We are more focused than ever on remaining future
fit in fulfilling our role to our clients, our staff, shareholders
and broader society.
Vassi Naidoo, Chairman
In a difficult environment, the beginning of a new year always brings It comes as no surprise that company profits and household finances
with it a sense of renewed hopefulness and optimism that things will be deteriorated during the year. In particular, the increase in impairments
better in the year ahead. In 2018, Cyril Ramaphosa became President off a low base had a negative impact on Nedbank’s headline earnings
and expectations of a better year for South Africa in 2019 surged. We in 2019.
had great expectations that the right medication (no matter how bitter)
Given the challenging macroeconomic environment, we will, as always,
would be administered to fix a nation reeling from the impacts of state
continue to look for innovative ways to assist our clients to weather the
capture. It was not to be in 2019.
storm and deliver great client experiences to ensure their loyalty and
The factors largely responsible for much of SA’s economic woes are not our continued license to operate.
new and have remained mostly unaddressed for more than a decade and
as a result economic growth has continued to trend downwards. 50 YEARS ON THE JSE
This ‘slow squeeze’ in economic growth and sagging tax revenues, has in Nedbank celebrated its 50th year as a listed company on the
large part been attributed to the lack of progress on the much-needed Johannesburg Stock Exchange in 2019. There is a certain amount of
structural reform, compounded by the rapid growth in the public sector agility that has helped us navigate both the headwinds and tailwinds
wage bill, increased government spending commitments and the erosive over the past 50 years and speaks to our sustainable business
impact of wasteful and corrupt spending over the past decade. More practices, and improved risk management and overall governance over
recently, the perilous financial and operational state of most major SOEs the years.
has compounded the strain on government’s finances. The unreliable and Notwithstanding the challenges outlined above, the SA we operate in
increasingly expensive electricity supply has come at a huge economic today is far removed and a much better place to do business than it was
cost. 50 years ago. The market is larger and more inclusive. I believe Nedbank
Regulatory, legislative and policy uncertainties continued to weigh on has the potential to bring significant tangible value to SA’s future
business and investor confidence. While government has promised through its experience and expertise and its strong desire to partner
to bring clarity, progress has been frustratingly slow and patchy. with government, labour and civil society in realising the vision and goals,
Uncertainties persist and disputes continue around land reform, National set out in our country’s Constitution and the National Development Plan.
Health Insurance, the mining charter, the new competition policy, further
rounds of debt relief as well as proposed legislation on intellectual
A TRANSITIONING SKILLSET AND
property rights. WORKFORCE
The controversial and damaging visa regulations for adults travelling New technologies are impacting customer behaviours and how they
with children were finally scrapped. President Ramaphosa hosted the consume banking services. A constantly learning workforce that is
second annual SA Investment Conference, promising to cut red tape adaptable to these changes is a key competitive advantage and
and reduce the cost of doing business. More investment commitments reskilling is therefore a strategic imperative for us to remain relevant.
were made by private firms. The Minister of Energy finally released the This has meant that many roles continue to be impacted by digitisation.
long-awaited Integrated Resource Plan that envisions a greater role for As a result, 2019 required of us to step up our efforts of reskilling and
renewable energy and independent power producers although traditional redeployment, to ensure that redundancies and retrenchments were
coal-fired power and Eskom are still expected to play a dominant role. done responsibly and staying true to our commitment to only retrench
as the last resort.
SA managed to stave off a sovereign-risk-rating downgrade by Moody’s
in 2019. However, SA was subsequently downgraded in March 2020 by In 2018, the President called on business to play an active role in the fight
both Moody’s and Fitch, retaining a negative outlook given the ongoing against poverty, unemployment and inequality to help build an inclusive,
risks, particularly in the light of the Covid-19 pandemic. growing and transforming economy for the benefit of all South Africans.
NEDBANK GROUP UNITED NATIONS GLOBAL COMPACT COMMUNICATION OF PROGRESS 2019
4
Given the challenges facing SA, we know this meaning particularly as the rate at which most impacted, banking regulators have begun
requires collaboration from all sectors of some jobs may become obsolete or irrelevant to introduce capital and liquidity relief measures.
society – and at scale; it cannot be business due to new technologies is rapidly increasing.
For SA, this will be another blow to an already
as usual.
The work being done by the YES initiative
RESHAPING FINANCE stagnant economy. There is no doubt that
turbulent times lie ahead and we will all have to
is very important and significant in creating At the World Economic Forum in January adjust to the new normal post the pandemic.
sustainable work opportunities for unemployed 2020, BlackRock, the world’s largest asset
youth. manager and one of our shareholders, APPRECIATION
noted that climate change would lead
We have embraced our role as change agents Thank you to our 29 403 employees who remain
to a ‘fundamental reshaping of finance’.
and active contributors to building a thriving committed to living our purpose and serving
Nedbank endorses the objectives of the
society and are extremely proud to have our 7,8 million clients. Your work goes beyond
United Nations Framework Convention
welcomed 3 315 recruits to Nedbank and our our lending and transactional activities and I
on Climate Change (UNFCCC) and of the
implementation partners in May 2019. From am proud to be associated with you. During the
Paris Agreement to prevent dangerous
being one of the first to sign the CEO initiative lockdown period, as a consequence of Covid-19,
anthropogenic interference with the climate
and making the biggest commitment to YES, you have further shown your dedication and
system by limiting the global average surface
we understand the need to partner with our tenacity by enabling us to continue to serve
temperature rise to well below 2˚C versus
social partners to accelerate economic growth. our clients and the broader societies through
the long-term preindustrial level. As part of
a complex and difficult time – I am deeply
our journey as a purpose-led business, we
LEADING WITH are committed to playing a leading role in
grateful.
INTEGRITY AND addressing climate change in ways that are Thank you to our Chief Executive, Mike Brown,
and the executive team for their leadership
EMPATHY sensitive to the local socioeconomic context
and climate vulnerability. and skilfully steering the ship in stormy waters.
The risk and corporate governance landscape The team quickly pivoted to manage the crisis
is changing rapidly. Corporate conduct Nedbank’s climate change journey continues
brought on by Covid-19 and I am confident in
continues to come under scrutiny. Evolving to mature through the development of our
the leadership team’s ability to successfully
governance and controls for automation, big policy regarding the financing of thermal-
navigate us through this extraordinary time.
data and digitisation have introduced new coal mining and related activities. As part of
this ongoing and maturing journey, we will Thank you to my fellow Nedbank
questions to a board attempting to steer
continue to engage with clients, shareholders, boardmembers for their support and a special
a ship in uncertain waters. The Nedbank
governments, relevant non-government word of appreciation to Joel Netshitenzhe. His
board continues to adapt to this changing
organisations and thought-leaders so as wisdom, guidance, intellect and experience
environment. What remains important,
to ensure we continue to play an important will be missed during our board deliberations.
however, when presented with these new risks,
role in leading the energy transition through In addition, thank you to Peter Moyo for his
from cyberrisk to contemplating regulatory
innovative solutions and appropriate contribution and involvement with the group
change from emerging technologies, is that
financial choices. Our governance has been since his appointment in 2018 in terms of the
Nedbank remains guided by our values. Our
further bolstered by the establishment relationship agreement between Old Mutual
responsibilities and our commitment to our
of a new Climate Risk Leadership Group. Limited and Nedbank Group.
purpose will not change.
This formal governance committee, under In Charles Dickens’ novel Great Expectations,
In response to the recent dramatic changes in the chairmanship of the Nedbank Chief the author was persuaded to write a happier
the macro environment and the impact of the Risk Officer, guides Nedbank with regard ending to the book after the original ending
Covid-19 pandemic, the board of directors has to the process of measuring, assessing was deemed too sad. Our country is at a
unanimously agreed to a zero percent increase and disclosing its financial exposure to turning point and skilful, economic leadership is
in non-executive directors’ fees for the period climate-related risks. This committee is needed. Implementing some of the good plans
1 July 2020 to 30 June 2021. also supported by a Climate Task Team mentioned in the 2020 State of the Nation
Ongoing vigilance is required to ensure that that assists with the operationalisation of address combined with some conviction in
the public trust that has been established over strategic climate-change-related decisions. getting the nation’s finances in order could see
our long history – through sound governance In 2019 we signed up to be part of the UNEP a dramatic turn in investor confidence toward
and good conduct – is secure. FI Task Force for Climate-related Financial SA and hopefully we can write a new ending to
Disclosures working group, which will enable this story.
DIGITAL DISRUPTION us to learn from others in the sector as well
as participate in the development of tools From a Nedbank perspective we are preparing
Digital disruption is the new normal. The digital
to assess the physical and transitional risk to be future-fit. As a trusted brand with a
banking race has begun as a sprint, but it is
that climate change poses for banks. We growing footprint in Africa and innovative
going to be a marathon, and we continue with
commit to report on Nedbank’s approach new products and services, I believe Nedbank
our investments in this area. I am mindful that
to measuring, disclosing and assessing our is well positioned to build on the positive and
the winners have not emerged yet, despite
exposure to climate-related risks. sustainable impact it has already made. We
what many may infer.
look forward to continuing delivering on our
The Fourth Industrial Revolution presents as I am pleased that Nedbank has once again purpose to use our financial expertise to
many challenges as it does opportunities. achieved a level 1 BBBEE contributor status do good for individuals, families, businesses
Today we have digital capabilities that have for the full year 2019 under the Amended and society. In the challenging economic
the power to transform experiences; improve Financial Sector Code in South Africa. We environment of 2020 we are committed to
connectivity and knowledge sharing between have always seen transformation as one support and work alongside our clients and
humans; creating access; improving lives and of the key strategic focus areas for our staff alike in what is likely to be a long road to
indeed customer outcomes. business and this achievement demonstrates recovery post the pandemic. I would also like
our ongoing commitment to sustainable to assure our shareholders, that while we won’t
I would like to take this opportunity to welcome transformation. escape the market impact that has plagued the
Professor Tshilidzi Marwala to the Nedbank
board, who brings extensive knowledge and A NEW NORMAL sector, the board together with management,
are working tirelessly to manage through
experience in these specific digital capabilities At the time of concluding this note, the this difficult period and continue to build a
and insights. Covid-19 pandemic had reached our shores sustainable bank.
The Nedbank board has spent a lot of time and all indications point to a global human and
on Nedbank’s strategic response to this economic catastrophe.
changing environment from a culture, staff
Economists and analysts worldwide are
and client point of view. We recognise that the Vassi Naidoo
predicting a global recession for 2020.
challenge of the digital talent gap is no longer Chairman
Central banks have already started
just an organisational issue; it is a nationwide introducing fiscal and monetary actions, and
challenge. The result is that talent acquisition, with the banking sector likely to be one of the
training and upskilling will take on a whole new
NEDBANK GROUP UNITED NATIONS GLOBAL COMPACT COMMUNICATION OF PROGRESS 2019
5
OUR VALUE-CREATING BUSINESS MODEL
Key drivers of change in our business model THE MACROECONOMIC
ENVIRONMENT
Managing through a difficult SA
environment and investing in the
For a discussion of our material matters refer to pages 35 to 44 in our 2019 Integrated Report. rest of Africa for the long term
O UR C APITAL S . . . . . . E NAB L E VALU E - ADD IN G
INPUTS
Financial
• Equity of R98bn (2018: R91bn) EAS
S AR
• Strong CET1 capital ratio: 11,5%, well above minimum regulatory requirement of 7,5% C U
• Banking advances of R764bn (2018: R713bn) C FO
GI New loan payouts
TE
▲ 15%
• Deposits of R904bn (2018: R826bn)
RA
ST to R208bn
Intellectual
R
U
• Tenth-most valuable SA brand (2018: ninth) and fourth-most valuable SA banking
O
brand (2018: fifth)
CREDIT
• Market-leading IT capabilities (Managed Evolution and Digital Fast Lane)
S
EXTENSION
UT
• A leader in renewable-energy finance, corporate and commercial-property lending, Extend credit through
small business services, retail vehicle finance, card acquiring, digital client value responsible lending
TP
propositions, asset management and wealth management
De
live practices (eg mortgages,
credit cards, vehicle finance,
OU
ri
overdrafts, and personal
ng
Human and business loans)
in
ES
nova
• A total of 29 403 employees (2018: 31 277), embracing a culture that is:
»» client-driven and people-centred; TI
I
tive, m
V
TI
»» increasingly innovative and competitive; and
AC
»» strong in compliance and governance
ASSET
arket-leading client expe
E
USINESS
• Reward structures linked to performance and value drivers Assets under
URPOS
AND WEALTH
• R760m invested in employee training, including upskilling employees for management MANAGEMENT
digital transformation (2018: R468m)
▲ 11,4% Provide solutions
RP
• Experienced and diverse executive team and a strong board to manage,
to R331bn
RY B
protect and
• A transformed workforce
OU
grow wealth
MA
RI P
Manufactured R
rienc
OU
• 117 core IT systems (2018: 119), which are being modernised as
part of our technology journey
es
• R9,6bn invested in our technology platform since 2010 (2018: R7,4bn)
• 692 outlets (covering more than 84% of the population in SA), 4 398 ATMs and TRANSACTIONAL
Gro
101 000 point-of-sale devices (2018: 800, 4 462 and 96 000 respectively) Facilitate payments
and transactions
wi
• Market-leading digital products, services and client value propositions
ng
ou
rt
Social and relationship
ra
22,9bn
ns
• 7,8 million total clients (2018: 7,9 million)
transactions
ac
• Embracing sustainable development financing to meet the SDGs as well
iot
l- processed
na
as responsible ESG practices ba
• One of SA’s most transformed banks nk
i ng
▲ 3,8%
• Solid relationships across all stakeholders fra
nc
h is
ef
as
ter
th a
n th
e ma
rket
Natural
• We impact the natural environment directly in our operations and
indirectly through the financing of client activities:
»» leader in renewable-energy financing; and
»» a total of nine Green Star-rated buildings
NEDBANK GROUP UNITED NATIONS GLOBAL COMPACT COMMUNICATION OF PROGRESS 2019
6
DIGITAL TRANSFORMATION OF SOCIETY SCARCE AND
TRANSFORMATION WITHIN ENVIRONMENTAL EVOLVING SKILLS
From physical products, services CONSTRAINTS Transforming and enabling our
and channels to digital and Delivering on our purpose and the SDGs workforce for the future
client-centred
ACTIVITIES TH AT CR EAT E ... . . . VALU E FOR OU R S TAK E H OLD ER S.
OUTCOMES
frica
Provk in A Financial
woridin
net go + Distributed R7,1bn in dividends – ROE of 15,0%, down from 16,8%,
ur c
STAKEHOLDERS IMPACTED
s
ice
lien rv
+ Cost-to-income ratio improved however above cost of equity of 14,1%
ts l se
c ia wi – Share price down by 22,0%
th n from 57,2% to 56,5%
ac
ina
ce f + NAV per share up by 3,7% – Headline earnings R12,5bn, down 7,2%
Deposits ssbe
st
to
▲ 9,5% th
e
th
to
Intellectual
e
to R904bn
ss
be
ce
+ IT modernisation programme (ME): + Attracted market-leading
st
c
f
ha
in
70% complete skills in areas such as data
an
t
wi
+ Implemented a market-leading end-to-end analytics, IT, equities and
cia
FUNDING AND
O
ts
advisory solutions
ls
retail digital onboarding capability (Eclipse)
n
DEPOSITS
UT
er
clie
+ First SA bank to launch an open-banking – Delay in juristic onboarding
vic
Raise funding and
r
application programming interface capability to 2020
ou
es
PU
provide savings and
(API) platform
net
ing
investments products
vid
TS
wo
Human
Pro
rk in
OU Maintained employee motivation, Improved staff satisfaction
R
Afric
skills and diversity through: levels:
PR
+ R17,3bn paid in salaries and benefits
nally excellent in all we do
+ 75% staff engagement,
a
IM
+ Percentage salary increase for above the average industry
AR
OU
unionised staff greater than level of 67%
INSURANCE AND
R3,1bn
Being operationally ex
Y BUSINESS A
OTHER SERVICES management Digitisation and automation of
RP
benefits
URPOS
Offer insurance + A more transformed workforce (79% black the workforce environment:
solutions (eg paid and 62% female representation) + Altogether 620 employees
life and home (2018: R2,4bn)
Staff attrition of 10,8% up from 10,1%, reskilled or redeployed
insurance cover) although still below industry benchmark – 158 staffmembers
E
of 11–13% retrenched
C
eratio
TI
V
Manufactured
TI
I
celle
ES
p
+ Digital product sales up to 21% of total sales
ng o
SA branches reduced by 2,5%
nt in
+ Digitally active clients up to 1,8m (+16%) – Data security issue at
Bei
+ Digitised 114 of targeted > 180 branch
all w
premises of third-party
TRADING services provider – no Nedbank
ed
Provide trading and
Uptime of application systems at 99,1% systems or client accounts
o
global markets-
es
(marginally down on 2018) were compromised
m
related solutions
Ma tco
n ou
Trading Social and relationship
ag
ic
om
+ The only large SA bank to increase Net
i ng
value at risk + Responsible procurement
on
sc
Promoter Score in 2019
▲ 7,2% practices (> 75% locally
ec
ar
+ Growth in main-banked clients in the
c
i
e
procured)
se
to R31,4m
re
tim middle and professional segments
so
p + MSCI ESG rating improved
o
ur
ce o + Number of client complaints down 26,5%
st from A to AA
st
oo
rce + R11,6bn direct and indirect tax contributions – Decline in main-banked
ou
pt
res +
im
More than 3 300 YES recruits for 2019 clients in the entry-level
ce
ise
c ar and youth segments
eco
nom
gs + R130m socioeconomic spend
ag
ic ou in
Man + Maintained level 1 BBBEE contributor status
tcom
es
Natural
+ The first SA commercial bank to launch a green bond on the JSE
+ Positive outcome
+ Disbursed R27bn renewable-energy deals adding 3 517 MW to the national grid
– Negative outcome
+ Carbon-neutral operations and effectively net-zero operational water usage
Neutral outcome + Supporting the transformation of the energy system over time through
interventions such as our new Thermal Coal Policy
NEDBANK GROUP UNITED NATIONS GLOBAL COMPACT COMMUNICATION OF PROGRESS 2019
7
OUR PURPOSE, VISION AND VALUES
OUR To use our financial expertise to do good for
PURPOSE individuals, families, businesses and society
OUR VISION OUR BRAND PROMISE
To be the most admired financial services
provider in Africa by our staff, clients,
shareholders, regulators and society
NEDBANK SUSTAINABLE DEVELOPMENT FRAMEWORK
L IN V E S T M E N
CIA T
Our purpose guides our strategy, behaviours SO
E
and actions towards delivery of long-term
T
RA
value. We are aware that operating a
PO
CO R
successful and sustainable business A BLE
DEVELOP
ME
IN NT
requires a thriving economy, a well- S TA FIN
SU AN
functioning society and a healthy C
environment. We also know that we have
E
a responsibility and an opportunity to
contribute to these.
As such, our response cannot be a S
I ON
secondary aspect of our business AT
ER
– it must be central to it, with a
OP
commitment to sustainable
development as the only
reasonable response. We believe
that this approach is not only
desirable but also achievable. For
Nedbank, this is the future we
want. And we are committed to
doing our share to realise it.
Mike Brown, Chief Executive
OUR EMPLOYEE VALUE PROPOSITION:
BEING THE DIFFERENCE THAT IMPACTS OUR WORLD
Purpose- Service High Growth and Diversity and
led excellence performance development inclusion
OUR VALUES
Integrity Respect Accountability People-centred Client-driven
NEDBANK GROUP UNITED NATIONS GLOBAL COMPACT COMMUNICATION OF PROGRESS 2019
8DELIVERING VALUE BY DELIVERING ON OUR PURPOSE
We understand that our success depends on the degree to which we deliver value to society. It is therefore
important to understand our role in society and how society can be different, because Nedbank is a part of it. Banks
play a crucial role in facilitating economic activity and enabling sustainable growth and development by moving
capital from where it is to where it is required. A deep understanding of one’s purpose helps to guide strategy and
decisionmaking in this regard and should result in an optimal balance between long-term value creation and short-
term results.
SHAREHOLDERS
STAFF The financial capital we source from our equity and debt
Our 29 403 staff are key to making Nedbank a great investors and our retained earnings enable business continuity
place to bank and work. Motivated and skilled staff, and growth, including strategic investments.
together with efficient and value-creating solutions,
services and operations, offer value to our clients. Value is created through …
Staff, as part of society, contribute materially to the • increasing net asset value, returns, dividends and share price;
communities in which they live and work. • maintaining a strong balance sheet to protect against
downside risk;
Value is created through …
• sustainably investing in and growing our client franchises and
• employing citizens in the jurisdictions in which we
our people; and
operate;
• following good governance and sustainable business
• rewarding staff for the value they add;
practices that ensure a sustainable business for the long term.
• creating job opportunities as we grow;
• encouraging our staff to embrace technological
changes, further their careers and improve our GOVERNMENT
services and products; and
The tax we pay and investments in bonds we make as part of
• contributing to the transformation towards an our statutory liquid asset requirements are imperative for the
inclusive society through employment equity and economic and social development of the countries in which we operate.
gender equality.
Value is created through …
• contributing meaningfully to government budgets through our
NEDBANK GROUP own corporate taxes and staff paying personal taxes; and
A strong and profitable business enables • investing in government and public sector bonds as required by
continued investment in our staff and prudential regulation, thereby supporting the funding needs of
operations, which in turn creates value for government.
our clients, shareholders and society at
large. Trust is core to our relationships with
all our stakeholders and to creating value. REGULATORS
Regulation ensures a sound and stable banking system,
which reduces systemic risk and promotes the healthy
functioning of an economy in which all stakeholders prosper.
CLIENTS Good governance and compliance support client confidence
Our clients remain our largest source of deposits, in Nedbank and reduce the potential for reputational risk. We
which enable us to fund lending activities. Gaining have a responsibility to comply fully with the regulations of the
more clients and deepening existing relationships countries in which we operate.
result in greater revenue growth, while responsible
banking practices and worldclass risk management Value is created through …
mitigate bad debts. • embracing sustainable banking practices and regulatory
compliance, which enable a safe and stable banking system
Value is created through … and a thriving society.
• safeguarding deposits, investments and wealth,
while growing returns;
BROADER SOCIETY
• providing credit that enables wealth creation,
We embrace our role in society as an active contributor to
sustainable development and job creation in line
building a thriving society and can do this only with engaged
with the SDGs;
communities that have aligned values.
• facilitating transactions that are the backbone of
economic value exchange; Value is created through …
• enabling financial inclusion by providing the • transforming economies and society positively through our
previously unbanked with access to affordable lending and transactional activities, which are increasingly
products; aligned with the SDGs;
• providing financial education and advice; and • playing a meaningful role in the broader society as a
• developing innovative solutions that meet our procurer and consumer of goods and services; and
clients’ specific needs. • making a difference through our partnerships and CSI
activities.
Read more about our value creation for our stakeholders on pages 74 to 87 of our 2019 Integrated Report.
NEDBANK GROUP UNITED NATIONS GLOBAL COMPACT COMMUNICATION OF PROGRESS 2019
9CREATING
VALUE IN A
SUSTAINABLE
MANNER
THROUGH OUR
STRATEGY
REFLECTIONS FROM
OUR CHIEF EXECUTIVE
In March 2020, just as we closed the chapter on our 2019 financial year,
the rapid escalation of the Covid-19 pandemic and the Moody’s and
Fitch downgrades of the SA sovereign credit ratings combined to place
unprecedented challenges on the SA economy. 2020 will require us to focus
on keeping our staff safe and to support our clients in managing through
this difficult period, while maintaining our responsibilities to all our other
stakeholders and the economies where we operate. While it is not
possible at this stage to predict accurately what the outcomes
of these health and economic challenges may be for our
country or our industry, Nedbank is well prepared to
play our part.
Mike Brown, Chief Executive
A VERY DIFFICULT OPERATING
ENVIRONMENT
In my 10 years as Chief Executive and six years as Chief SA is now in the longest economic downswing since
Financial Officer before that, outside of the global financial records began in 1945. This was mainly due to severe
crisis a decade ago, the operating environment in 2019 was and frequent power outages, the unsustainable fiscal
the most difficult I have experienced in SA and in Africa. Given trajectory and ongoing policy uncertainty, combined with a
recent events, 2020 will be significantly more difficult. deteriorating global outlook. Under these difficult domestic
conditions, company profits and household finances
Economic growth in SA during 2019 was much slower than deteriorated during the year, resulting in subdued credit
expected as recessionary conditions prevailed and GDP demand, lower transactional volume growth, downward
growth ended the year at 0,2% compared to our expectations revaluations of equity portfolios and rising defaults across
of 1,3% at the start of the year. the SA banking industry.
2019 TIMELINE
MARCH APRIL MAY JUNE JULY
• Launched SA’s first • Listed SA’s first • Launched Eclipse, our end- • Board strategy • Zimbabwe
zero-monthly-fee commercial green to-end digital onboarding day. designated as
account. bond on the JSE. solution for individual clients. hyperinflationary
• Launched SA’s first • Nedbank signed the • Nedbank Group AGM. effective from
API platform. CEO Pledge. 1 July 2019.
• SA held national elections.
NEDBANK GROUP UNITED NATIONS GLOBAL COMPACT COMMUNICATION OF PROGRESS 2019
10In our Nedbank Africa Regions’ operations, DELIVERING ON OUR money management changes. In
hyperinflation eroded the value of the addition, a total of 175 500 clients
Zimbabwean dollar as the country PURPOSE attended financial wellness workshops
transitioned from a dual-currency system Our purpose remains core to what we do, and a further 6,1 million individuals were
to a monocurrency Zimbabwean dollar irrespective of the environment around us. reached through radio and television
system, with the inflation index reaching Our purpose gives us our social licence to shows, reinforcing our message around
552% in December 2019. Elsewhere operate and is well aligned with the theme money management, touching on topics
in SADC, conditions were similarly of stakeholder capital emerging from such as budgeting, savings and debt
challenging given their dependency and Davos this year and the social compacting management.
integration with the SA economy. Further messages from the State of the Nation • Lastly, we retained our level 1 BBBEE
north, conditions in Nigeria remained address in SA. I believe that any business contributor status.
difficult for our associate investment in that sees itself as separate to the society
Ecobank Transnational Incorporated (ETI),
from both an economic and regulatory
in which it operates will not be successful
and sustainable over time. It is very difficult
GOOD STRATEGIC
perspective. to operate a successful business in an AND OPERATIONAL
unsuccessful society. Our purpose – to PROGRESS
OUR FINANCIAL use our financial expertise to do good
We continued to make good strategic and
for individuals, families, businesses and
PERFORMANCE IN society – is what we are about and what
operational progress throughout the year.
2019 WAS BELOW we do to help society prosper. It has kept A key achievement in 2019 was the launch
EXPECTATIONS us sustainable and successful over that of our simplified digital onboarding
time and celebrating our 50th year of capability for individual clients, coupled
In this environment Nedbank Group’s
being listed on the JSE in 2019 is testimony with the ability to apply digitally for a
financial performance was below
to this. personal loan and transactional account.
expectations as headline earnings declined
7,3% to R12,5bn and the group produced We also concluded pilots for cards,
This year we have continued to bring our
an ROE of 15,0%, above our cost of equity investment products and overdrafts.
purpose to life and a few highlights stand
of 14,1%. In addition to the challenging This is fundamentally changing how we
out for me:
environment, headline earnings were do business, sell products and service
impacted by additional items in the second • In April 2019 we activated our our clients.
half of the year, including accounting for commitment to the YES initiative,
At the end of 2019 more than 70% of
the effects of hyperinflation in Zimbabwe, placing 3 315 previously unemployed
personal loans and transactional products
the early exercise of an option that will youth both directly and through
were sold through this new platform and
increase our shareholding in Banco Único sponsored placements to give
through our apps or the web. In 2020 we
to 87,5% (subject to regulatory approval), them their first job opportunity. It is
aim to roll out digital onboarding and sales
the downward revaluation of a number unfortunate that in 2020 we will have to
to our wholesale clients (juristic) and have
of private-equity investments and the scale back on this.
our top 10 products digitised. This is a key
increase in impairments off a low base • Nedbank became the first commercial part of establishing Nedbank as a leader in
to just above the mid-point of our target bank to launch a green bond on the digital innovation.
range of 60 bps to 100 bps. JSE and at our upcoming AGM we will
be proactively putting two climate- Services previously only available through
The underlying franchise performance
change-related resolutions to the vote our staff-assisted channels such as
was solid and we produced good balance
as we continue to strive to impact the changing your PIN or freezing a card, are
sheet growth with banking advances up
environment positively. This builds on now available on our digital channels – an
7,2%, deposits up 9,5% and assets under
our leadership position in renewable- increase from 70 in 2018 to 114 in 2019, and
management increased 11,4%. Good cost
energy financing, our operations being we plan to have more than 180 self-service
management, due to lower variable
carbon-neutral and offsetting our water options available on our app and web
remuneration and the ongoing benefits
usage through the removal of invasive channels by the end of 2020.
from optimisation of processes and
alien plants.
operations as part of our digital journey, Implementation at scale is never easy, and
resulted in our cost to-income ratio • We brought our purpose to market we had to overcome some initial challenges
improving from 57,2% to 56,5%. Our IFRS through our brand essence of being on stability and response times. These
9 fully phased-in CET1 capital ratio of money experts who do good and our were addressed by our IT and operational
11,5%, average LCR for the fourth quarter payoff line of ‘see money differently’. teams and by November, and in particular
of 125% and an NSFR of 113% are all Basel Our ‘Money secrets’ campaign got South during Black Friday, we processed more
III-compliant, well above regulatory minima Africans talking about money as a first than 30% higher volumes than the prior
and reflective of a strong balance sheet. step to making positive and sustainable year and our new systems were stable.
AUGUST NOVEMBER MARCH 2020
• Nedbank celebrates • Nedbank the only bank to improve its NPS in 2019. • Moody's and Fitch downgrades of SA's
50 years of being • Option to increase shareholding in Banco Único to 87,5%. sovereign-credit rating to subinvestment grade
listed on the JSE. and retained a negative outlook.
• S&P and Moody’s changed SA sovereign-credit-ratings
outlook to ‘negative’. • Covid-19 pandemic emerged in SA.
• Board signs off the 2020 to 2022 business plan. • President Ramaphosa announces a nationwide
lockdown effective from 26 March 2020.
NEDBANK GROUP UNITED NATIONS GLOBAL COMPACT COMMUNICATION OF PROGRESS 2019
11REFLECTIONS FROM OUR CHIEF EXECUTIVE continued
When you manage money well, you can only 1,7% during 2019 and the cost-to- year for our operations in SADC, while
make a real difference in people’s lives, income ratio reducing from 57,2% to 56,5%. our strategic partner in West Africa, ETI,
and the launch of our refreshed loyalty experienced pressure in its operations in
and rewards programme in the second As we digitise services that were Nigeria.
half of 2019 embraces our purpose of previously offered only inbranch, we are
using our financial expertise to do good. also benefiting from efficiencies as the cost In this context, we continue to optimise
The programme assists, incentivises and to onboard and serve our clients decreases our portfolio in SADC to position us for
rewards the right money management significantly – more and more transactions the long term:
behaviours while doing good for society. In are performed seamlessly and from end
to end without human intervention. Our • Following a strategic review, we
2020 we will expand this programme to
Target Operating Model programme disposed of our 100% shareholding in
offer more benefits to clients.
(TOM 1.0) recorded additional savings of Nedbank Malawi and the transaction
We are also innovating around ecosystems R480m in 2019, with cumulative savings concluded in the first quarter of 2020.
and will launch some exciting innovations now amounting to R1,1bn at 31 December Nedbank Malawi was a small bank in a
to the market in the year ahead. To enable 2019, which is ahead of our R1,0bn target small market and only contributed 0,1%
this, we have made investments in data, by 2019 and on track to exceed the to the assets and headline earnings of
platforms and interfaces. Another example R1,2bn target by 2020 (as disclosed in the the group.
in 2019 was Nedbank becoming the first corporate performance targets in our • Operating in Zimbabwe remains
bank in Africa to launch an application long-term incentive scheme). challenging as policy uncertainty,
programming interface (API) platform increased government expenditure
that is aligned with international Open We are currently strategising about a and a lack of foreign direct investment
Banking Standards, making it possible TOM 2.0, which will look at the shape of our have severely damaged the
for approved African fintechs to develop branch infrastructure in the context of an Zimbabwean economy, contributing to
innovative digital services. To date, over increasingly digital world, a shift in our RBB hyperinflationary conditions. This had
100 fintechs and clients of Nedbank have structure to be more client-centred, as well a negative R142m headline earnings
received access and we have successfully as shared services optimisation across the impact on the group compared to a
launched integrated solutions in our group. We anticipate targets for TOM 2.0 positive R108m of headline earnings
personal loans business. will be communicated to the market in in 2018. In 2020 we will be focusing on
early 2021. the reconfiguration of the shape of our
These innovations, along with many others, balance sheet and business operations
position us well to protect and grow our FOCUSING ON OUR in the country where we have R123m of
revenues and compete against existing
competitors as well as new entrants.
PEOPLE AS OUR capital invested alongside a loyal client
base and staff contingent.
BUSINESS TRANSITIONS
Doing good for clients also means focusing • We are increasing our shareholding
Rapid technological advancement and
on improvements in client satisfaction in Banco Único in 2020 from 50% plus
changing client behaviours have been
levels, leading to more clients doing more one share to approximately 87,5%
the catalyst for many organisations in
of their banking with us and, in turn, and the transaction is expected to
the financial services sector to reshape
leading to a more sustainable and valuable be concluded in the first half of 2020,
their business models in order to remain
Nedbank business. Our successes in 2019 subject to regulatory approval. This
relevant and competitive, and Nedbank is
have been acknowledged by our clients as positions us well to benefit from the
no different. We are doing everything we
well as independent surveys and league growth opportunities in Mozambique
can to make sure this transition is fair and
tables. A few highlights include: particularly around liquefied
just, and in line with our history and values
natural gas.
• Nedbank being the only SA bank to to ensure that job losses are only as a very
last resort. With regard to ETI, our focus will remain
improve its Net Promoter Score during
on the delivery of the ETI board-driven
the year and becoming the second-
Globally, administrative jobs are being agenda, commercialisation of initiatives
highest-rated bank in the Consulta
replaced increasingly by digital solutions and the increase of business flows. The
customer satisfaction index.
and during 2019 our overall headcount recent drop in the oil price is likely to
• The Nedbank Money and Private Wealth reduced by 1 874, mainly through natural add to the already difficult conditions in
apps continue to be rated at the top-end attrition. Through our Agility Centre we Nigeria and increases the risk of future
of the SA peer group. placed 620 staffmembers in other internal impairment of our investment in ETI.
• On wholesale league tables, CIB jobs and limited retrenchments to 158. We
continued to lead industry league tables continue to focus on training, developing LOOKING AHEAD TO
and reskilling our people to be prepared
in various categories, coming first in
dealflow for M&A advisors and third in for this ongoing digital transformation. THE CHALLENGES OF
deal value for M&A sponsors, as well In addition, our cultural transformation 2020
as winning the Dealmakers M&A BEE programme and new Ways of Work In recent weeks we have seen the
deal of the year. The business was also practices continue to transform Nedbank increasing impact of Covid-19 on
ranked number one for debt capital to become more client-focused, digital, individuals, families, businesses, societies
market bond issuances in 2019. competitive and agile. and countries as infection rates
• Nedgroup Investments was named escalate around the world and here in
Offshore Management Company of the
STRATEGIC PROGRESS SA. In response to this, governments
Year for the fifth consecutive year at the IN THE REST OF AFRICA everywhere are implementing
Raging Bull Awards. emergency lockdown measures to
Operating in the rest of Africa remains
curb the spread of the virus and these
As a bank, while we cannot control the volatile and challenging, and our success
in turn are having enormous impacts
economic environment around us, we have in this area needs to be measured over
on economic activity. The duration and
to do all that we can to focus on those the long term. The continent provides a
impact of these interventions are not
things that we can control, and in this compelling long-term growth opportunity
possible to forecast accurately. I would
regard expense management has been a for Nedbank as our SA clients expand in
like to assure stakeholders that we are
big focus with overall expenses increasing sub-Saharan Africa. 2019 was a difficult
NEDBANK GROUP UNITED NATIONS GLOBAL COMPACT COMMUNICATION OF PROGRESS 2019
12working tirelessly to ensure that we are able The SA banks through the Banking APPRECIATION
to deal with this escalating challenge. While Association of South Africa (BASA) are
Our people are at the heart of what we
our number-one focus is on the health and actively engaged with SARB and have
do and the value we deliver. Thank you
safety of our staff as we continue to serve agreed to do all in their power to play their
to all Nedbankers for the incredible work
our clients given that banking is an essential role in supporting their clients and the
you do, particularly in the challenging time
service, we have pivoted our strategy to economy in this period while at the same
we are facing, and bringing our purpose
increase focus on managing liquidity, capital, time preserving the safety and soundness
to life. We thank our 7,8 million retail and
market and credit risk alongside ongoing of the financial system. We commend
wholesale clients for choosing to bank
scenario modelling and stress testing. SARB on the proactive stance they have
with Nedbank and we appreciate the
taken in amending certain prudential
In early March 2020 at the time we released support of shareholders as well as all other
regulations and guidelines to enable banks
our 2019 results, the Nedbank Economic stakeholders who continue to work with
to increase their support of clients and the
Unit forecast SA’s GDP growth prospects us to create a better SA and an African
economy in these difficult times.
to remain subdued at 0,7% in 2020 and 1,1% continent for all its people.
in 2021, undermined by persistent energy Nedbank Group’s capital position remains
I would like to thank the Chairman, the
constraints, weak government finances solid with large liquidity buffers, having
board and my executive team for their
and slow progress in structural reforms. reported a CET1 capital ratio of 11,5%, well
continued guidance and support. A special
As highlighted in our results, our financial above the regulatory minimum of 7,5%
word of appreciation to Brian Kennedy,
guidance that we released on 3 March 2020 and strong liquidity metrics evidenced in
who retired at the end of March 2020
for growth in DHEPS for the full year 2020 a liquidity coverage ratio (LCR) of 125%
and was instrumental in building Nedbank
to be around nominal GDP growth was and net stable funding ratio (NSFR) of
CIB as one of SA’s strongest corporate
based on this macroeconomic outlook. 113% at 31 December 2019. At time of
and investment banks. Congratulations
writing Nedbank Group remained in full
As a result of the rapid escalation in the to Anél Bosman on her appointment
compliance with all prudential regulatory
impact of the Covid-19 pandemic since as Managing Executive: CIB to replace
requirements.
3 March 2020 and the 35-day lockdown in Brian and to Terence Sibiya, Managing
SA, together with the Moody’s downgrade In 2019 as we celebrated 50 years of Executive: Nedbank Africa Regions, on his
and noting the high degree of forecast risk being listed on the Johannesburg Stock appointment to the Group Exco. I am also
in this environment – on 14 April 2020 the Exchange this year, I reflected on the grateful to Brian Kennedy for agreeing
Nedbank Group Economic Unit updated our resilience we have displayed and the to remain as a special advisor to CIB for
macroeconomic outlook and we now expect ups and downs we have had over time. the next six months in the context of the
a GDP decline of 7% in 2020. Growth in 2020 will be a challenging year, but this current environment.
2021 is expected at 2% off a low base. As a reflection filled me with optimism and
result of this change in our macroeconomic confidence that no matter what challenges
outlook, on 14 April 2020 we have withdrawn there are in the years to come, Nedbank is
the financial guidance we issued as part well equipped to adapt and thrive over the
of our 2019 financial results announcement long term. Mike Brown
on 3 March 2020. Revised guidance will Chief Executive
be provided when economic outcomes
and regulatory interventions become
more certain.
NEDBANK GROUP UNITED NATIONS GLOBAL COMPACT COMMUNICATION OF PROGRESS 2019
13RESPONDING TO
THE IMPACT OF
COVID-19
While our material matters on the following pages set the agenda for our strategic actions
over the coming years, from March 2020 we witnessed the impact of the Covid-19 pandemic
on individuals, families, businesses, societies and countries as infection rates escalated around
the world and in SA. In response to this, governments globally have implemented emergency
measures to curb the spread of the virus. At Nedbank we have and continue to work tirelessly to
ensure that all our stakeholders deal with this escalating challenge. Our primary focus is on the
health and safety of our staff alongside the continuous and uninterrupted provision of worldclass
banking and other financial services to our clients.
Financial markets dropped sharply and market movements are more volatile than during the global financial crisis as investors
reduced their risk appetite and grappled with estimating the economic impacts of Covid-19 – with many economists predicting
that some form of global recession is likely. In addition, global oil markets have also dropped sharply following disagreements
between Russia and Saudi Arabia on levels of supply. Events like these are difficult to predict and referred to as 'black swan' events
– meaning they are rare events that can have extreme consequences. On their own, the spread of Covid-19 or the oil price fall
would be difficult for many parts of the world to deal with, but together they are exceptionally challenging.
Despite various scientific and forecasting models, the real long-term impact of these events on economic growth will only emerge
over time – but in the short term economic activity in many places has dropped materially and financial markets are likely to
continue to be volatile as more data on infection rates and economic activity emerges. This is likely to be particularly the case in SA
as our economy was already under stress, so these events could not have come at a worse economic time for our country.
COVID- COVID-
19 19
SA GOVERNMENT’S WHAT WE HAVE DONE
RESPONSE IN RESPONSE
President Ramaphosa announced a While the circumstances leading to this outbreak are
nationwide lockdown effective from midnight, largely out of our control, at Nedbank we manage the
26 March 2020, resulting in non-essential escalating spread by being proactive and responsible.
services being closed for a period of 35 days. We have implemented precautionary and preventative
Banks have been declared an essential actions to help ensure the health and wellbeing of all
service during the 35-day lockdown. As a our staff, clients and other stakeholders, and to ensure
result, all Nedbank essential banking services Nedbank’s business continuity and continuous service to
will remain open during the lockdown to our valued clients.
ensure clients can continue to access essential
financial services while keeping our staff safe We have established the Market Crisis 2020 and Covid-19
through the significant health and safety Exco Committee to oversee our actions and manage
measures taken. the unfolding risks. This committee is supported by the
Pandemic Steering Committee, focusing on operational
The banks through the Banking Association matters, including managing business continuity plans,
of South Africa (BASA) have agreed to do all the Liquidity Covid-19 Crisis Steering Committee focusing
in their power to play their role in supporting on maintaining a healthy liquidity position and the Credit
their clients in this period of enormous Covid-19 Crisis Committee looking at and managing
challenge for all South Africans while at credit risks as they emerge and working with BASA on
the same time preserving the safety and regulatory relief required to enable banks to continue
soundness of the financial system. supporting their clients through the crisis. In addition, our
various clusters have specific working groups in place to
Similar measures have been taken by manage through the crisis.
governments in other African countries.
NEDBANK GROUP UNITED NATIONS GLOBAL COMPACT COMMUNICATION OF PROGRESS 2019
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