Nedcor Selected As Processing Partner Of Choice By
Nedcor Ltd is pleased to announce it has been advised by Swisscard, a credit
card company based in Switzerland, that it has been selected above the
leading global processing companies as Swisscard's most appropriate
processing partner.
Nedcor will negotiate with Swisscard early next year to finalise the terms
and conditions of a contract between Swisscard and Nedcor's Technology and
Operations (T&O) division for the provision of card processing services.
Swisscard is one of the largest and most prestigious credit card companies
in Switzerland, and is jointly owned by international financial services
groups' American Express and Credit Suisse both of whom rank among the
world's top global banks.
Outsourcing is a major part of Nedcor's international strategy to exploit
its technology and processing prowess to earn foreign currency annuity-type
income against rand costs at low risk using proven techniques on which the
development costs have already been absorbed.
This first outsourcing opportunity will not have a significant impact on
Nedcor's earnings in financial 2002, but will exceed Nedcor's return on
equity target. Nedcor will announce further details once negotiations are
complete.
Advisors to Nedcor in negotiations with Swisscard are Nedcor Investment Bank
and Edward Nathan & Friedland.
Issued by Nedcor Ltd Investor Relations
Ewald Muller +27 11 294 9027 or +27 83 255 9595
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