
Old Mutual's banking business is conducted principally by Nedbank Group, in which the company has a 51% controlling interest. Nedbank is one of the four largest banks listed on the JSE Securities Exchange South Africa. Its activities include corporate and retail banking, property finance, investment banking, private banking, foreign exchange and securities trading, with more than 3.6 million banking customers. Old Mutual and Nedbank's bankassurance relationship has further developed by growing sales of Old Mutual life products through Nedbank branches, the launch of offshore banking through the Gerrard Private Bank (now known as Fairbairn Private Bank) joint venture, and the Old Mutual Bank joint venture.