Nedbank, 1945–89: The Continental Approach to Banking in South Africa

  • Grietjie Verhoef


The South African banking scene has been dominated by British banks since the middle of the nineteenth century. Stronger political sentiments towards the Netherlands and Germany during and after the two South African wars with Britain, favoured the entry of Continental banking capital into the Boer republics of the Orange Free State and the Transvaal. In 1888 the Netherlands banking company ‘De Nederlandsche Bank en Credietvereeniging’ (NB and CV) established the first Netherlands bank on South African soil. The Netherlands bank hoped to obtain the concession for the National Bank of the Transvaal republic, but it was granted to a German—Netherlands consortium, who eventually sold to Anglo-French interests. Despite this disappointment, the NB and CV remained in the Transvaal republic. With the formation of the South African Union in 1910, there were six major banks in the country: the National Bank of South Africa, the Standard Bank of South Africa, the Bank of Africa, The African Banking Corporation, the Netherlands Bank for South Africa and the local Stellenbosch District Bank.


Commercial Bank Monetary Authority Total Deposit Demand Deposit Foreign Business 
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  1. 1.
    G. Verhoef, Die Geskiedenis van Nedbank, 1945–1973, unpublished D Litt et Phil. thesis, RAU, 1986, pp. 1–5.Google Scholar
  2. 2.
    Nedbank Archives: OB/6:14, Memorandum by J. Keuning to NB en CV Directors, 14 June 1946.Google Scholar
  3. 5.
    G. Verhoef, Die Geskiedenis van Nedbank, 1945–1973, pp. 23–36.Google Scholar
  4. 10.
    Nedbank Archives: NV/3:79, Minutes of NBSA Board Meeting, 5 December 1961; Letter W. Koster — NOB General Management, 23 October 1961; Financial Mail, Vol. 5, 27 October 1961, pp. 577–8.Google Scholar
  5. 13.
    G. Verhoef, Die Geskiedenis van Nedbank, 1945–1973, pp. 93–5; NBSA Published Annual Report, 1968/69, pp. 12 and 18.Google Scholar
  6. 18.
    Holsboer resigned in 1967, but was not happy to appoint a single successor. A triumvirate, mr. CA. de Braal, J.E. Triegaardt and G.S. Muller succeeded him. This odd management structure was only dismantled in 1971, when Muller became Managing Director; see G. Verhoef: Die Geskiedenis van Nedbank, 1945–1973, pp. 220–6.Google Scholar
  7. 19.
    See J.A. Marlin, Financial Institutions and Economic Growth in South Africa, 1956–1966. Published PhD, George Washington University, University Microfilms, Michigan, 1968, chapter on quasi-banks.Google Scholar
  8. 21.
    See e.g. C.L. McCarthy, ‘On the Definition of Money and its Development in South Africa’, Finance and Trade Review, Vol. 12, no. 1, June 1976, pp. 124–35.Google Scholar
  9. 23.
    For a discussion of these measures, see G. Verhoef, Die Geskiedenis van Nedbank, 1945–1973, pp. 109–70.Google Scholar
  10. 29.
    Velocity of circulation defined as bank deposits divided by deposits, See W.J. Engelbrecht, Enkele Veranderings in die Suid-Afrikaanse Finansiële Struktuur sedert Wêreldoorlog IL Unpublished M. Comm-thesis, UNISA, 1967, pp. 67–8, 90–5.Google Scholar
  11. 40.
    For a detailed explanation of Nedbank’s Advances, Loans and Discounts, (Acceptances and Bills), see G. Verhoef, Die Geskiedenis van Nedbank, 1945–1973, Tables 11, 12, 14 and 15.Google Scholar
  12. 49.
    See G. Verhoef: Die Geskiedenis van Nedbank, 1945–1973, Tables 20 and 22, pp. 575–6.Google Scholar

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© Stuart Jones 1992

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  • Grietjie Verhoef

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