Nedbank rebrands Mozambique subsidiary to tap into Mozambique growth opportunities
28 June 2021
In line with Nedbank’s strategy to expand in large, fast growing markets on the continent, Banco Único, Nedbank’s subsidiary in Mozambique, will officially be renamed Nedbank Mozambique on 28 June 2021. Rebranding the business is aligned to Nedbank’s intent to build one admired and respected brand across sub-Saharan Africa. It is also another step towards fulfilling Nedbank’s strategic objective of becoming a regional champion through managing, owning, and controlling Nedbank-branded operations in the Southern and East Africa.
According to Dr Terence Sibiya, Group Managing Executive of Nedbank Africa Regions, 'Nedbank's ambition is to give clients access to the best financial services network on the continent. Operating as Nedbank Mozambique makes it easier to leverage Nedbank’s expertise as a leading financial services provider, and to address the Mozambican opportunity through an enterprisewide approach. It will also serve as a catalyst for the bank to achieve its growth targets, especially on the wholesale side of the business, which caters to clients such as multinationals, corporates and other multilateral institutions.'
Banco Único was launched in 2011 by opening five branches, and in just two and half years the bank rapidly grew from 18th position to become Mozambique’s sixth biggest bank. With Mozambique being one of the fastest-growing markets on the continent, Nedbank acquired its first stake in Banco Único (36,4%) in June 2014 as a way of tapping into the many growth opportunities. Nedbank further increased its stake to 87,5% in 2020.
Joel Rodrigues, Managing Director of Banco Único in Mozambique, says, 'The rebranding of the business to Nedbank Mozambique will make it easier to capture opportunities in Mozambique, particularly focusing on the business and corporate segments. With Nedbank as one of the leading brands on the continent, this change will help us to grow our business across Mozambique.'
Banco Único (Nedbank Mozambique) currently has a branch network covering all 10 provinces in the country and prides itself on providing exceptional service with a focus on the business, middle-class and affluent segments. It is ranked as one of the most innovative banks in Mozambique, and one of the most internationally awarded banks in the market, winning almost 50 awards since its inception. In 2020 it achieved a top-two net promoter score rating in Mozambique, making it one of the leaders in client experience.
In August 2021 Banco Único (Nedbank Mozambique) will celebrate its 10th birthday. With the rebranding Nedbank aims to build on what Banco Único has achieved thus far, while strengthening the Nedbank franchise and client proposition in the Southern African Development Community (SADC).
