Over the past 20 years of democracy, South Africa has been embraced by the global economy and is able to participate in it fully. South African banks are strong and the industry is now rated the third-most-sound in the world, according to the 2013–2014 World Economic Forum Global Competitiveness Report.

The efforts of our country over the last 20 years to create an enabling business environment has resulted in South Africa scoring at or near the top of the rankings, including those of the World Economic Forum, for the quality of our corporate governance, the strength of our institutions, such as the stock exchange, and the soundness of our banks.

Creating a strong and sustainable economy requires strong private enterprise that works in harmony with government, creating the enabling conditions under which business can flourish. The strength and resilience of the banking sector, despite the global economic crisis, demonstrates the benefits of a public-private partnership that works towards a common goal and in the interests of the country’s people.

Participating in the global economy has given the private sector many opportunities to grow and strengthen its abilities over the past two decades and this provides a sound base for future growth and development. It also allows banks to play a key role as enablers of growth and development, which continue to be beneficial for South Africa.

Integration into the global economy has opened new growth frontiers on the continent and in the rest of the world. Nedbank’s vision, to be Africa’s most admired bank, reflects our intention to unlock this opportunity, while managing the higher risk that typifies earlier-stage economies.

Nedbank has played its part in building a better South Africa for all and we have developed into one of the strongest financial services participants in the South African economy. We are making significant contributions to all our staff, clients, shareholders, regulators and communities, thereby building a long-term sustainable business and doing our fair share to build a thriving nation.

South Africa’s economic transformation has been significant over the past 20 years, given the numerous social, cultural and economic challenges that faced the country at the dawn of democracy in 1994 – but there is still more to be done. While living standards have improved materially and the black middle class has become a significant component of our economy the country still faces a number of challenges as the public and private sectors forge the next chapter in our already rich history.