/ 15 July 1999

NEDBANK BUYS INTO MALAWI

NEDBANK and two of its strategic partners have acquired a 75% stake in the Finance Corporation of Malawi, following its devolvement from government. The general manager of Nedbank Africa, Keith Key, said that the purchase is a new strategy for Nedbank to establish a network of banks in the sub-Saharan Africa, especially in the Southern African Development Community economic bloc. The bank already has interests in Lesotho, Swaziland and Zimbabwe, and there plans underway to get established in Mozambique, he said.