Johannesburg | Tuesday
BANKING group Nedcor announced on Monday afternoon that it had withdrawn from a bid to partner the government and FirstRand bank in running ailing Saambou Bank.
A statement said the decision was made after Nedcor announced last week that it had offered to buy BoE Limited for R7,3-billion.
”Nedcor has considered its position in relation to a Saambou public-private-sector partnership and decided to withdraw from further discussions with the curator,” the statement said.
Saambou spokeswoman Suzette Plantema said the bank’s curator, John Louw, could not speak about bids yet, because negotiations about Saambou’s future were at a sensitive stage.
”I don’t think he wants to make statements yet, or at least until there is more clarity on what is going to happen,” she said.
”The negotiations are at a sensitive stage and he does not want to prejudice them.”
Laurie Dipenaar, a representative for FirstRand said he was not surprised about Nedbank’s move.
”They have bought BoE and will have lots on their plate,” he said.
Dipenaar also said FirstRand was not aware of a black empowerment consortium that was interested in buying into Saambou.
A report in the City Press newspaper on Sunday said a black empowerment consortium has emerged as a potential buyer of Saambou.
The newspaper said black groups including Meeg, Hlano Investments, Thebe Investment Holdings, national civic organisation Sanco, June 16 Group Holdings, Ithala Development Finance Corporation, the ANC Youth League and state-owned Post Bank had submitted a joint bid for Saambou.
According to the report Eric Molefe a Meeg director and the consortium’s spokesman said the consortium had an asset base of more than R4-billion.
FirstRand and Nedcor wanted a public-private partnership strategy to rescue Saambou.
The strategy, favoured by government, was aimed at rehabilitating the bank for its eventual return to the private sector.
Almost R1-billion was withdrawn from Saambou in a few days in February, leaving the registrar of banks no option but to place it under curatorship.
Louw announced a special dispensation at the weekend, releasing a portion of depositors’ interest.
His move was intended to relieve hardship among pensioners and people who depended on the bank as a source of income.
Interest due on qualifying deposits will be released on May 1, with a R15 000 limit per account. – Sapa