Even if Old Mutual takes £1.5-billion offshore, the HSBC takeover will bring other benefits.
HSBC bank’s offer to buy a controlling stake in Nedbank was a vote of confidence in SA’s economic progress.
HSBC is in talks to buy up to 70% of Nedbank in a potential $6,8-billion deal that would give it a broader gateway to fast-growing Africa.
Joel Netshitenzhe, a former key policy-maker, has joined Nedbank as an independent non-executive director.
Banks on Tuesday welcomed Finance Minister Pravin Gordhan’s decision to make the banking sector more competitive through transparency.
Nedbank expects to post better 2010 earnings after reporting a rise in first quarter non-interest revenue on Tuesday as economic conditions improve.
Nedbank, Capitec and FNB seem to be the banks offering some of the best products, writes <i>Maya Fisher-French.</i>
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/ 25 February 2010
Nedbank posted lower full-year profit as corporate and individual clients struggle to pay back loans.
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/ 11 February 2010
There will be little tax relief in this year’s budget, Nedbank economists say.
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/ 7 November 2009
Nedbank and the African National Congress Youth League cleared the air on Friday over sponsorship and transformation, both said in statements.
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/ 5 November 2009
Nedbank reported a rise in net interest income on Thursday, but said it expected full-year profit to be lower as credit risk remains high.
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/ 23 October 2009
It matters how a bank treats its least wealthy clients, writes Maya Fisher-French
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/ 13 October 2009
ANCYL will mobilise South Africans to close their Nedbank accounts if the bank fails to reinstate sponsorship for Athletics South Africa.
Nedbank came under fire from ANCYL president Julius Malema on Friday when he attacked its black economic empowerment strategy.
Athletes should brace themselves for the return to small purses for competing in major events as big sponsors continue to pull out of the sport.
Nedbank must retain its sponsorship of Athletics SA or face the wrath of patriotic South Africans, the ANC Youth League said on Saturday.
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/ 15 September 2009
One of Nedbank’s primary areas of environmental focus is climate change
Nedbank said on Friday it had agreed to buy the 49,9% of Imperial Bank it does not already own from Imperial Holdings for R1,8-billion.
Nedbank lowered its 2009 earnings outlook on Wednesday after reporting a slide in first-half profits.
According to Nedbank’s head of transactional products, the bank’s sales of Mzansi are higher this year than they were in the same period last year.
In February Colleen Majmin made a trip to Nedbank in Eastgate, Johannesburg, to remove an item from Box 78, her husband’s safe deposit box.
International long-term savings group Old Mutual has made it clear it has no plans to dispose of Nedbank.
Old Mutual has declined to comment on a weekend report that it is planning to offload its 53% holding in South Africa’s Nedbank.
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/ 26 February 2009
The South African bank posted a 2% drop in full-year diluted headline earnings per share on Thursday, and expects earnings to be lower in 2009.
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/ 18 February 2009
Retail trade sales for December 2008 decreased by 0,1% compared with December 2007, Statistics South Africa said on Wednesday.
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/ 28 January 2009
Consumer inflation eased further in December, Stats SA said on Wednesday, raising the chance of a 100 basis points cut in the repo rate next month.
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/ 17 December 2008
With both inflation falling and the economy weak, the Reserve Bank will have ample scope to cut interest rates next year, Nedbank said on Wednesday.
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/ 17 December 2008
Consumer inflation eased further for a third consecutive month in November, Statistics South Africa said on Wednesday.
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/ 11 December 2008
SA economic confidence surged to a 19-month high in November, a survey showed on Thursday, although overall output growth should remain sluggish.
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/ 9 December 2008
Satellite firm Intelsat and an SA investment consortium plan to build a -million satellite to serve Africa, it was reported on Tuesday.
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/ 25 November 2008
Nedbank Group announced on Tuesday that its Business Banking division will become a stand-alone cluster.
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/ 25 November 2008
South Africa’s economic growth rate slowed to 0,2% in the third quarter of 2008, official data showed on Tuesday.