The integration of Peoples Bank into Nedbank is complete, with 3.2m retail clients now banking under a single Nedbank brand, supported by 1 200 ATMs and 450 branches countrywide.
The integration of the two brands was driven largely by economic considerations and a change in the group's multi-brand strategy.
"Although the Peoples Bank name no longer exists, the relevance and power of the brand, along with its people, have had a strong influence in transforming Nedbank into a bank for all South Africans," says Clive van Horen, the managing director of Nedbank Retail Banking Services.
The integration did not result in any retrenchments, Van Horen says.
He attributes a 99 percent client retention rate primarily to the fact that former Peoples Bank clients now have access to an enhanced range of products and services, as well as an expanded branch network. The process also focused on minimising disruption for clients. For example, there were no changes in account numbers.
Of the original 200 Peoples Bank branches, 143 were re-branded, while 57 branches that were near to Nedbank outlets were closed.
Improved access to branches is just one of the benefits of integration, Van Horen says. Another benefit is more competitively priced products. The Nedbank Transactor account is a slightly enhanced version of an original Peoples Bank product, he says.
The integration of the branch network was completed by November 2005.