Nedcor Ltd Selected As Processing Partner Of Choic
OLD MUTUAL PLC
ISIN CODE: GB0007389926
SHARE CODE: OML
Nedcor Ltd selected as processing partner of choice by Swisscard
Nedcor Ltd ("Nedcor"), the South African banking group, in which Old Mutual
plc ("Old Mutual") has a 53.4% holding, has announced today that Swisscard
Switzerland, jointly owned by American Express and Credit Suisse, has
selected Nedcor as their processing partner of choice.
The full text of the Nedcor announcement is as follows:
"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 the negotiations with Swisscard are Nedcor Investment
Bank and Edward Nathan Friedland."
21 December 2001
ENQUIRIES:
Old Mutual, London Tel: + 44 20 7569 0100
James Poole, Director Investor
Relations
College Hill, London Tel: + 44 20 7457 2020
Nicholas Williams
Old Mutual, Cape Town Tel: + 27 82 453 8298
Bruce Allen, Manager, Group Media
Communications
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