Internet bank icanonline is being discontinued with effect from 31 December.
Icanonline was launched as a joint initiative by BOE and M-Web in January 2001. Nedbank became icanonline`s business partner after the merger between Nedbank and BOE in 2002.
Icanonline has sent its clients a letter explaining the reasons behind the closure and offering the option to convert to one of two other accounts.
It says the electronic banking portal continued to run on the NBS infrastructure, previously part of BOE, after the merger.
"Nedbank`s key drivers in its new business strategy have been to eliminate duplication, reduce costs and enhance potential growth areas," it says.
"As part of this strategy and after careful consideration it has been necessary to discontinue the operation of the NBS infrastructure and therefore icanonline. Nedbank and M-Web, as partners in the icanonline joint venture, have agreed to discontinue the icanonline service with effect from 31 December 2004."
Clients will have the option of transferring their accounts to Nedbank (a savings deposit account) or to Pick 'n Pay Go Banking, a Nedbank division.
Nedbank initiated an intensive recovery programme after disappointing results for the year to December 2003.
One of the five points of the programme is a review of strategy and position for earnings recovery.
It said at the release of its interim results in August that while it would take some time for the full benefits of the programme to emerge in the financial results, the progress and improvements so far had been encouraging.
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