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Almost 1.7 million Nedbank customers may have had their data breached after computer facilities, a third-party service provider, following a &#8216;data incident&#8217;.</p>


Nedbank CEO on what clients should know about the data breach

Nedbank CEO opens up about data breach

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<p>Foreign capital inflows into South Africa has slowed down, with many citing social, political and economic challenges as the country’s flaw in attracting investors. According to analyst Shabbir Norath a team effort is the answer to this crisis, as business, government and society needs to play a collaborative role in attracting foreign capital. Shabbir Norath, Head of Advisory Corporate Finance at Nedbank Corporate and Investment Banking joins CNBC Africa for more.</p>


Shabbir Norath on how to attract foreign & local investment into SA

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<p>CNBC Africa spoke with Dr Terence Sibiya, Managing Executive of Rest of Africa at Nedbank about the ways in which Africa needs to implement and execute the plans that have been put in place to boost investor confidence.</p>


World Economic Forum: Nedbank’s Terence Sibiya on addressing Africa’s growth challenges

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<p>Nedbank saw interim headline earnings increase by just 2.6 per cent to R6.9 billion. The group has also called for urgent government intervention to fix South Africa’s ailing economy. CNBC Africa’s Kopano Gumbi spoke to Nedbank CEO, Mike Brown for more.</p>


SA is running out of time, money – Nedbank CEO

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<p>South Africa&#8217;s ailing economy has been likened to a company in business rescue that needs a fast and effective turnaround plan. Nedbank Senior Economist, Nicky Weimer outlined some quick wins government can do to revived economic growth.</p>


What can govt do to revive SA’s economy?

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<p>Nedbank had to readjust their growth forecast for 2019 to 0.9 per cent after the first quarter of the year. Load-shedding had a big impact on driving down their previous growth figure of 1.3 per cent. Nedbank Economist, Busisiwe Radebe spoke to CNBC Africa’s Kopano Gumbi about her outlook after the election.</p>


Hope vs realistic expectations post-election

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<p>Nedbank will be the first South African bank to list a green bond on the JSE’s green bond segment. The aim of the listing to raise capital for projects that are set to improve the rate of climate change or that are aimed at improving environmental conditions. Joining CNBC Africa to discuss Nedbank&#8217;s move to go greener is Bruce Stewart, Head of Debt Capital Market Origination at Nedbank CIB.</p>


Nedbank to list its green bond on the JSE

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<p>Nedbank in partnership with the youth employment service has announced that it will provide 3,300 youth with 12 months paid work experience, starting in May. CNBC Africa’s Kopano Gumbi caught up with Nedbank CEO, Mike Brown for more.</p>


Nedbank unlocks opportunities for SA youth

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<p>Minister Mboweni’s state budget was reform-minded as to put the South African economy back on track after a difficult turbulent rule of his predecessor says Mike Brown, CEO of Nedbank.</p>


Nedbank CEO reacts to Mboweni’s budget

<p>JOHANNESBURG (Reuters) &#8211; South African lender Nedbank said on Monday it would appoint Ernst &amp; Young as joint external auditors in May 2019, becoming the latest firm to drop the scandal-hit KPMG’s local unit.</p>
<p>The auditor’s South African unit has been under close scrutiny since 2017 over work done for a company owned by the Gupta brothers &#8211; who have been accused of using their links to former president Jacob Zuma to influence government decisions and the awarding of tenders &#8211; and more recently for small lender VBS Mutual Bank. The Guptas and Zuma have denied any wrongdoing.</p>
<p>KPMG sacked its South African leadership in September last year after it found work done for the firm owned by the Guptas “fell considerably short” of its standards.</p>
<p>KPMG said in a statement that Nedbank’s decision was part of efforts to introduce mandatory audit firm rotation.</p>
<p>“It is always disappointing to lose a client but we remain very proud of the work that we have performed for Nedbank over many years,” the firm’s executive chairman Wiseman Nkhulu said.</p>
<p>More than 10 clients across various sectors have severed ties with KPMG since last year, including South Africa’s auditor general, Barclays Africa and miner Sibanye Stillwater.</p>
<p>In June, KPMG said it would lay off 400 staff and close small regional offices in response to losing the clients.</p>
<p>A central bank investigation published this month said South Africa should seek damages from global auditor KPMG for the role it played in a corruption scandal that saw at least 1.9 billion rand($131 million) stolen from local bank VBS.</p>
<p>($1 = 14.5098 rand)</p>
<p>Editing by James Macharia and Emelia Sithole-Matarise</p>


KPMG dropped by South Africa’s Nedbank, what you need to know

<p>JOHANNESBURG (Reuters) &#8211; South Africa’s Nedbank Group Ltd said on Monday it will buy back its stock from shareholders who hold less than 100 Nedbank shares as a result of a spin-off by its biggest shareholder Old Mutual.</p>
<p>Old Mutual, which holds 52 percent of Nedbank, has been dismantling its conglomerate structure, created after a series of acquisitions, since it moved its headquarters and primary listing to London in 1999.</p>
<p>As part of the plan, it spun-off a majority stake in Nedbank on Monday and now holds around 19.9 percent.</p>
<p>Nedbank, whose businesses include retail banking and asset management, said in September it had estimated that after the spin-off, it will have a large number of shareholders, increasing from about 20,000 to 500,000.</p>
<p>“For Nedbank Group it will, inter alia, reduce the complexity and ongoing administration costs associated with a significantly larger shareholder base including a sizeable number of Odd-lot holders,” it said in a statement.</p>
<p>Odd-lot holders are shareholders who hold less than 100 Nedbank shares, estimated to be 1.5 percent of its ordinary shares in issue.</p>
<p>Nedbank’s offer price will be at a 5 percent premium to the 10-day volume weighted average price of a Nedbank share at the close of business on Dec. 3, it said. The deal is subject to shareholder approval.</p>
<p>The minority shareholders will be given an opportunity to decide whether to sell their holding or retain it.</p>
<p>Reporting by Nqobile Dludla, editing by Louise Heavens</p>


Why South Africa’s Nedbank is buying back shares from minority shareholders

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<p>Nedbank has announced the Top 10 Innovators which were sourced from around the world. They will be connecting to major corporates and business leaders in partnership with Silicon’s Valley’s Plug and Play, the world’s largest innovation platform, at this first of its kind event. Joining CNBC Africa for more is Stuart van der Veen: Head of Disruption and Innovation at Nedbank Corporate Investment Banking.</p>


Nedbank announces the Top 10 Innovators

<p>JOHANNESBURG (Reuters) &#8211; South African lender Nedbank reported a 26 percent jump in half-year profit on Tuesday, helped by a recovery in its west African associate, Ecobank.</p>
<p>Nedbank owns about 16 percent of Ecobank Transnational Incorporated (ETI), which is a recovering from weak investment and consumer spending in the commodity-rich west African region.</p>
<p>Diluted headline EPS, the primary measure of profit in South Africa that excludes certain one-off items, came in at 1,387 cents in the six months through the end of June compared with 1,098 cents a year earlier.</p>
<p>“While risks remain, it is expected that the actions taken to improve ETI’s financial position and governance, along with an improving macroeconomic environment, will continue to drive an improved financial performance in 2018,” Nedbank said in a results filing.</p>
<p>Reporting by Tiisetso Motsoeneng; Editing by Ed Stoddard</p>


South Africa's Quantum Foods warns of 38% drop in first-half profit

South Africa’s Quantum Foods warns of 38% drop in first-half profit. budget_shutterstock_249974521

How Ecobank aided Nedbank to boost its H1 profit by 26%

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<p>VBS Mutual Bank depositors will now access their funds through Nedbank. This attempt by the reserve bank to assist depositors in accessing their funds will resume on Friday. The maximum amount has been upped from 1000 a day to 100 000. Joining CNBC Africa is Kuben Naidoo, Deputy Governor of the South African Reserve Bank.</p>


SARB’s Kuben Naidoo on how to prevent another VBS

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<p>A robot called Pepper could pave the way to the loss of thousands of banking jobs in Africa. Nedbank is leading the way with robots in the hope of cutting costs and improving service. Yet new technology could have its own problems.</p>


Nedbank unveils humanoid robot Pepper to enhance service

<p>By Godfrey Mutizwa</p>
<p>South Africa’s economic growth is likely to remain sub-par until President Cyril Ramaphosa fixes Eskom and other state-owned enterprises which have been haemorrhaging scarce resources, experts say.</p>
<p>&#8220;Unless we fix the state-owned enterprises which are catalysts for growth in most economies we will continue to suffer a leaking bucket,’’ Terence Sibiya, Nedbank Managing Executive: Client Coverage CIB told a post budget panel sponsored by his company and Old Mutual in Cape Town.</p>
<p>Dennis Dykes, Nedbank’s Chief Economist said Eskom had vastly overspent on projects and this was being exacerbated by poor execution resulting in the government having to find money to repay the loans while paying interest on capital being under-utilised.</p>
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<p>While the government had taken some positive steps including appointing new executives and boards at power utility Eskom and South African Airways (SAA), it wasn’t enough, he warned.</p>
<p>&#8220;So far the patient has been wheeled into ICU (intensive care unit) and stabilised,’’ Dykes said. &#8220;But you really want to see the patient running marathons. That’s going to be much more difficult.’’</p>
<p>In his 2018 budget review document, Finance Minister Malusi Gigaba noted the overall profitability of state-owned companies deteriorated to 0.3 percent from 0.8 percent on a return on equity basis during the fiscal year largely because of corruption, mismanagement and poor governance. Several firms were in financial distress, he said.</p>
<p>Moreover, government guarantees to these companies remains extremely high at R466 billion compared with R469 billion two years ago, largely on the back of poor performance by Eskom and SAA.</p>
<p>However Owen Willcox, Chief Director, Economic Services, Public Finance Unit at the National Treasury told the debate the government was committed to dealing with the SOEs as reflected in the commitment to find a strategic equity partner for SAA and fund any future requirements for others in a deficit neutral way through the sale of some of the 1,400 state properties.</p>
<p>The budget had also been prepared with an eye on spurring economic growth said, Wilcox, pointing to specific funding for small enterprises, special economic zones and extended public works programmes.</p>
<p>Dykes said a study he had conducted showed the country may have lost as much as R500 billion since 2014 because of what he called the &#8220;toxic political environment’’ in the second term of former President Jacob Zuma’s administration.</p>
<p>“If you take a 30 percent of the half a trillion rand that’s a considerable amount of tax revenue: we could have paid for Medupi (power station) cash,’’ he said. &#8220;It’s enormously important that the economy is growing.  You have to actually make it conducive for growth for the private sector to actually start participating much more aggressively. You have to actually roll out the red carpet rather making things uncertain and beating business on the head.’’</p>
<p>He acknowledged the mood had changed following the election of Ramaphosa as president of the ruling African National Congress party last December. He saw the potential for a quicker upturn in the mining and renewable energy sectors while other industries would take more time.</p>
<p>New Finance Minister Nhlanhla Nene recently said it is too early to revise growth estimates and he would only provide his numbers in the Medium-Term Budget Policy Statement in October. Gigaba estimated growth of 1 percent for 2017 which was expected to reach 2.1 percent by 2020.</p>
<p>The one big cloud hanging over higher growth forecasts was the government’s plans to expropriate land without compensation, said Dykes.</p>
<p>&#8220;It’s gonna be very tricky because once the constitution is changed, it opens the way for future governments who might not be as investor friendly as the current one,’’ he said. &#8220; I can’t think of anywhere where it has actually worked well.’’</p>


How President Cyril Ramaphosa can fix SA’s growth

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<p>Nedbank’s share price was slightly up in early trading.</p>


Nedbank

Nedbank CEO opens up about data breach

Shabbir Norath on how to attract foreign & local investment into SA

World Economic Forum: Nedbank’s Terence Sibiya on addressing Africa’s growth challenges

SA is running out of time, money – Nedbank CEO

What can govt do to revive SA’s economy?

Hope vs realistic expectations post-election

Nedbank to list its green bond on the JSE

Nedbank unlocks opportunities for SA youth

Nedbank CEO reacts to Mboweni’s budget

KPMG dropped by South Africa’s Nedbank, what you need to know

Why South Africa’s Nedbank is buying back shares from minority shareholders

Nedbank announces the Top 10 Innovators

How Ecobank aided Nedbank to boost its H1 profit by 26%

SARB’s Kuben Naidoo on how to prevent another VBS

Nedbank unveils humanoid robot Pepper to enhance service

How President Cyril Ramaphosa can fix SA’s growth

Nedbank ready to help Bank of Baroda if needed

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Nedbank

Nedbank CEO opens up about data breach

Shabbir Norath on how to attract foreign & local investment into SA

World Economic Forum: Nedbank’s Terence Sibiya on addressing Africa’s growth challenges

SA is running out of time, money – Nedbank CEO

What can govt do to revive SA’s economy?

Hope vs realistic expectations post-election

Nedbank to list its green bond on the JSE

Nedbank unlocks opportunities for SA youth

Nedbank CEO reacts to Mboweni’s budget

KPMG dropped by South Africa’s Nedbank, what you need to know

Why South Africa’s Nedbank is buying back shares from minority shareholders

Nedbank announces the Top 10 Innovators

How Ecobank aided Nedbank to boost its H1 profit by 26%

SARB’s Kuben Naidoo on how to prevent another VBS

Nedbank unveils humanoid robot Pepper to enhance service

How President Cyril Ramaphosa can fix SA’s growth

Nedbank ready to help Bank of Baroda if needed

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