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South Africa’s Nedbank to merge corporate and investment banking units

South African bank Nedbank has announced plans to merge its corporate and investment banking units as part of its strategy to bring wholesale operations under one management team.

According to Nedbank, the two businesses jointly contributed around half of its earnings in the six months to end-June, reports Reuters Africa.

Beginning 1 January, Nedbank Capital head Brian Kennedy will take up responsibilities of the newly merged unit.

Mfundo Nkuhlu, the head of the bank’s corporate division who has been already appointed as the chief operating officer, will also begin his new role on the same day.

In October, Nedbank announced its plans to acquire 20% of Ecobank Transnational, a pan-African lender in a deal worth $493m.

As at 31 December 2013, the company’s market capitalization stood at ZAR107bn ($9.7bn).