Tag: Nedbank

Nedbank says structural reforms aimed at stemming the current economic and fiscal deterioration in SA need to be implemented with greater urgency. Its call came as it reported muted growth in interim earnings and trimmed its full-year guidance due to weaker than expected economic growth this year.

The digitisation of payments is accelerating rapidly, which may mean that the days of plastic cards may be over. Using this digitisation trend to justify a belief that credit cards, as such, will not be around for much longer is a somewhat misguided approach. One that demonstrates a misunderstanding of what credit cards are, and why they remain one of the most popular ways of transacting across the world.

While the bank’s West African-associate weighed on 2017 earnings, a turnaround last year helped mitigate challenging conditions at home. Nedbank has benefitted from a turnaround at its Ecobank Transnational International (ETI) associate as growth in its home market continues to stagnate.

Shareholders in SA, Zimbabwe and Malawi will be paid out this week, while UK shareholders will receive payment at the end of the month.

Shareholders affected by the odd-lot offer will receive R276.48c per share, to be paid out in the next few weeks. Nedbank has set the price at which it will buy back shares from the hundreds of thousands of Old Mutual shareholders who received equity in the bank as part of the break up of Old Mutual Plc.

South Africa’s banking sector is increasingly moving towards a ‘marketplace without boundaries’, shaped by the fast-approaching entry of new digital players challenging the status quo in the market, and driving unprecedented levels of innovation.

Nedbank is proceeding with its plan to buy back the so-called odd-lot shares from the hundreds of thousands of Old Mutual shareholders who received a stake in the bank as part of the break up of Old Mutual Plc.