We’re committed to finding local solutions to uniquely local challenges and everything we do is focussed on adding value. To this end we offer all our clients across the continent a range of retail, business, corporate and investment, and wealth management solutions as well as ensure a positive impact in all the countries where we operate.
We’re a truly African brand, inspired by the people we serve and determined to always be brave, passionate and ready so that we can make Africa proud.
Absa Group Limited is listed on the JSE and is one of Africa’s largest diversified financial services groups with a presence in 12 countries across the continent and around 42 000 employees.
Our group owns majority stakes in banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, the Seychelles, South Africa (Absa Bank), Tanzania (Barclays Bank in Tanzania and National Bank of Commerce), Uganda and Zambia. We also have representative offices in Namibia and Nigeria, as well as insurance operations in Botswana, Kenya, Mozambique, South Africa, Tanzania and Zambia.
Highveld Ext 79, Centurion, South Africa
ECIC Corporate Governance
We are committed to sustainable business growth through innovative solutions, operational and service excellence, business development and strategic partnerships.
We strive to provide export credit and investment insurance solutions that support South African capital goods and services by applying best practice risk management principles.
The Corporation has five values being:
Accountability – We accept transparency and responsibility for our decisions and actions.
Excellence – We are committed to the highest level of performance through continuous improvement of our skills and business practices
Innovation – We encourage open-mindedness and support innovation and the development of new ideas and processes for the continued improvement of our Corporation
Integrity – We strive to conduct every aspect of our business with honesty, integrity, and fairness
Teamwork – We work together as a team internally and collaborate externally with our stakeholders and customers. We appreciate that as a team, we can achieve much greater things than as individuals.
These values are reinforced by the Code of Ethics and Business conduct “the Code” and are also reflected in our policies and procedures.
The ECIC’s role in South Africa
Founded: 2 July 2001
Enabling act: Export Credit and Foreign Investments Insurance Act (1957, as amended)
Shareholder: South African government, represented by the dti
Head office: Centurion, Pretoria
Top 10 countries where the ECIC has exposure: Ghana (21.75%), Zambia (19.91%), Zimbabwe (12.78%), Mozambique (11.17%), Tanzania (9.14%), Iran (8.82%), Liberia (5.71%), Angola (3.23%), Lesotho (2.04%), Sierra Leone (1.96%)
The ECIC provides insurance that enables South African exporters to offer their services and products on the international market. It has a particular focus on emerging markets in Africa that are considered too risky for conventional insurers. Its overarching goal – and its mandate from the South African government as its sole shareholder – is to make South African exporters attractive to international buyers to attract foreign income, stimulate domestic economic growth and create local jobs.
The ECIC’s various insurance products (see page 12) are formulated to protect all parties involved in cross-border projects, from the institutions that provide financing, to the foreign buyers, to the exporters themselves. It is not uncommon for a single project to be linked to multiple ECIC policies covering both commercial risk (the risk that a buyer will not honour its contractually agreed payments for whatever reason) and political risk (the risk that a project fails due to the actions of the project’s host government).
FNB is the oldest bank in South Africa, and can be traced back to the Eastern Province Bank formed in Grahamstown in 1838. Today, FNB trades as a division of FirstRand Bank Limited. When looking at FNB’s history, two things in particular stand out. The first is a story of survival – different circumstances in South Africa have posed many great challenges in our history, all of which FNB has successfully met. This track record provides a strong foundation for our future challenges. The second is a story of people – our history has always been firmly influenced by the needs of the people we serve.
The Acacia tree in our brand logo is a suitable representation of our history. Our roots run deep in South Africa, and we have grown thanks to our commitment to serving the needs of our clients and communities.
A landmark development in FNB’s history took place in 1998 when the financial services interests of Rand Merchant Bank Holdings and Anglo American were merged to form FirstRand Limited. In the process, FNB was delisted from the JSE on 22 May 1998 to become a wholly-owned subsidiary of FirstRand, which was listed on the JSE on 25 May 1998. On 30 June 1999, the banking interests of FirstRand formally merged into a single entity to form FirstRand Bank. FNB, WesBank and RMB now trade as divisions of FirstRand Bank.
The bank was founded in 1888 in Amsterdam as the Nederlandsche Bank en Credietvereeniging voor Zuid-Afrika (“Dutch Bank and Credit Union for South Africa”). In the same year the bank opened an office in Pretoria, South African Republic; in 1898 the bank moved its office to Church Square. In 1903 the company was renamed to Nederlandsche Bank voor Zuid-Afrika (“Dutch Bank for South Africa”). In 1906, the bank expanded and an office in London was opened. The bank split in 1951, renaming its South African part as Nederlandse Bank in Suid-Afrika Beperk/Netherlands Bank of South Africa Limited. The number of South African shareholders increased greatly, and in 1969 the company became 100% South African-owned after the Bank Mees en Hope sold 20 percent of its shares. The South African part was completely independent. The Dutch part of the bank no longer exists; it’s currently part of ABN AMRO.
In 1992, the name of the bank was changed to Nedcor Bank Limited, of which Nedbank became the largest division. In 1992, Syfrets, UAL, and Nedbank Investment Bank merged to become Nedcor Investment Bank (NIB). Old Mutual, Nedcor’s holding company, was demutualised and listed on the London Stock Exchange in 1999. It became a constituent of the FTSE 100 Index. Nedbank acquired the Isle of Man and Jersey private banking business of Robert Fleming & Co. in 2001.
The new Nedcor Group was formed on 1 January 2003, combining Nedcor, BoE, Nedcor Investment Bank, and Cape of Good Hope Bank into one legal entity. The Nedcor Group was renamed the Nedbank Group on 6 May 2005. Nedbank headquarters are in Sandton, South Africa. In August 2009, Nedbank bought the remaining 49.9% of Imperial Bank South Africa, which is now fully owned by Nedbank.
Personal, Business and Commercial Banking offers banking and other financial services to individual customers and businesses from small to large enterprises in South Africa and 17 countries in sub-Saharan Africa. We strive to continuously maintain high standards of service to our customers.
We aim to grow our presence selectively in high potential markets in Africa and in other emerging markets, either organically or by acquisitions, where appropriate.
We offer a range of solutions to our customers from the most basic to the most sophisticated of financial services and ensure that our customers requirements are always met through the most cost effective and convenient method.