Nedcor Limited - Draft Sens Announcement Re Sectio
Nedcor Limited - Draft Sens Announcement Re Section 54 Approval
Nedcor Limited
(Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06
Share Code:NED
ISIN Code: ZAE000004875
("Nedcor")
DRAFT SENS ANNOUNCEMENT RE SECTION 54 APPROVAL
Nedcor Limited is pleased to announce that the consent of the Minister of
Finance was today granted, through the Registrar of Banks, in terms of section
54(1) of the Banks Act, 1990, for the transfer to -
Peoples Bank, of a portion of the banking business of BoE Bank; and
Nedbank, of the balance of the banking business of BoE Bank and the banking
businesses of each of Nedcor Investment Bank and Cape of Good Hope Bank.
The Minister`s consent was granted on the basis requested.
This consent enables Nedcor to implement, with effect from 1 January 2003, its
planned consolidation of banking businesses as announced on 28 October 2002, and
the consequent reduction from 8 to 4 of the number of banking licences within
the Nedcor Group. There will be three licensed banks in South Africa, namely
Nedbank, Peoples Bank and Imperial Bank, and one in Jersey and the Isle of Man,
namely Gerrard Private Bank.
Sponsors to Nedcor:
Merrill Lynch South Africa (Pty) Limited
UBS Warburg Corporate Finance South Africa (Pty) Limited
Nedcor Investment Bank Limited
Date: 05/12/2002 05:23:00 PM Produced by the JSE SENS Department
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