Imperial Bank South Africa
Encyclopedia
Imperial Bank South Africa Limited, also referred to as Imperial Bank South Africa (IBSA), but commonly known as Imperial Bank, is a commercial bank
in the Republic of South Africa. It is licensed as a locally-controlled financial institution by the Reserve Bank of South Africa
, the national banking regulator.
of Imperial Bank South Africa is 100% owned by the Nedbank Group. They acquired the remaining 49.9% shareholding from Imperial Holdings Limited in August 2009, for approximately US$226 in stock and cash.
, South Africa
. No other information is available about the branches of the bank.
of the ten (10) person Board of Directors
, is Hubert Brody, a non-Executive Director. The Managing Director and Chief Executive Officer
is René Van Wyk.
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
in the Republic of South Africa. It is licensed as a locally-controlled financial institution by the Reserve Bank of South Africa
South African Reserve Bank
The South African Reserve Bank is the central bank of South Africa. It was established in 1921 after Parliament passed an act, the "Currency and Bank Act of 10 August 1920," as a direct result of the abnormal monetary and financial conditions which World War I had brought...
, the national banking regulator.
History
The bank was established in 1996 by Imperial Holdings Limited. In 2001, the Nedbank Group acquired 51.1% controlling interest in the bank. Imperial Holdings retained 49.9% shareholding. In August 2009, the Nedbank Group acquired the 49.9% that it already did not own, thereby becoming the sole owner of the bank.Ownership
The stockStock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
of Imperial Bank South Africa is 100% owned by the Nedbank Group. They acquired the remaining 49.9% shareholding from Imperial Holdings Limited in August 2009, for approximately US$226 in stock and cash.
Branch network
, IBSA maintains headquarters at 24 Achter Road, Sandton, Rivonia, JohannesburgJohannesburg
Johannesburg also known as Jozi, Jo'burg or Egoli, is the largest city in South Africa, by population. Johannesburg is the provincial capital of Gauteng, the wealthiest province in South Africa, having the largest economy of any metropolitan region in Sub-Saharan Africa...
, South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
. No other information is available about the branches of the bank.
Governance
The ChairmanChairman of the Board
The Chairman of the Board is a seat of office in an organization, especially of corporations.Chairman of the Board may also refer to:*Chairman of the Board , a 1998 film*Chairmen of the Board , a 1970s American soul music group...
of the ten (10) person Board of Directors
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
, is Hubert Brody, a non-Executive Director. The Managing Director and Chief Executive Officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
is René Van Wyk.
External links
See also
- List of banks in South Africa
- Reserve Bank of South AfricaSouth African Reserve BankThe South African Reserve Bank is the central bank of South Africa. It was established in 1921 after Parliament passed an act, the "Currency and Bank Act of 10 August 1920," as a direct result of the abnormal monetary and financial conditions which World War I had brought...
- Economy of South AfricaEconomy of South AfricaThe economy of South Africa is the largest in Africa, accounts for 24% of its Gross Domestic Product in terms of PPP, and is ranked as an upper-middle income economy by the World Bank, which makes the country one of only four countries in Africa represented in this category...
- Nedbank Group