Nedbank Group - Sale of holding in State Bank of M
NED
NED
Nedbank Group - Sale of holding in State Bank of Mauritius
NEDBANK GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06
JSE share code: NED
ISIN: ZAE000004875
("Nedbank Group" or "the group")
NEDBANK GROUP SELLS HOLDING IN STATE BANK OF MAURITIUS
Nedbank Group has entered into an agreement for the disposal of its 20,1%
holding in the State Bank of Mauritius, subject to regulatory approval and the
fulfillment of various conditions. The group acquired the holding in November
1997.
The sale of this investment for approximately US$50 million will not have any
material financial effect on the Nedbank Group.
The disposal forms part of the group"s strategy of focusing on its core banking
operations. This programme, which was started in early 2004, has now been
largely completed, realising proceeds of over R4 billion for the group at a
profit in excess of R1 billion.
Sandton
7 March 2006
Sponsors
Merrill Lynch South Africa (Pty) Limited
Nedbank Capital
Date: 08/03/2006 08:32:20 AM Produced by the JSE SENS Department
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