LATEST: MBCA Bank starts the process of changing name

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MBCA Bank, a unit of South Africa's Nedbank Group, has now started the process of changing its name, which was first announced three years ago. The bank will adopt its parent's name, Nedbank.

The Nedbank Group, which is the fourth largest bank in South Africa by market capitalisation and customer numbers, has a 74 percent stake in MBCA.

Old Mutual Zimbabwe, whose parent is the controlling shareholder in Nedbank, owns 18,30 percent shareholding in the Zimbabwe bank, while employees, through a share ownership trust, control 0,66 percent.

– FinGaz


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