Nedbank SA selling off Cape building assets
22 May 2012 Leave a comment
Nedbank is selling six of its bank buildings by public tender in the Western Cape – advertising its Bredasdorp, Caledon, Gansbaai, Piketberg, Stilbaai-West and Swellendam buildings for sale in ‘Die Burger’ Afrikaans newspaper on Saturday, May 19 2012 on p8 of its ‘Aktueel’ section: Bids can be submitted up to 27 June 2012.
In 2009, Nedbank still employed some 22,000 people. link.
NedBank – one of the four biggest banks in the country in 2012 – was founded in The Netherlands in 1888 in Amsterdam as the ‘Nederlandsche Bank en Credietvereeniging voor Zuid-Afrika’. Its shares were listed on the Amsterdam Stock Exchange:
It has been a South-African company since 1951. Its headquarters now is located in the elite suburb of Sandton in Gauteng — but used to be on the waterfront in Cape Town. On 1 January 2009, its official market-capitalisation was about R 509,7 billion (about $73billion US).
In 1969, it declared its independence from its Dutch headquarters and in 1971, shortened the name to Nedbank. In 1983, the British Old Mutual company buys up a majority of its stocks through the bJohannesburg Stock Exchange. In 1988, Nedbank was incorporated with the Permanent Building Society and renamed herself NedPerm Bank, a year later the name changed to Nedcor. By 1992 the name changed again to Nedcor Bank and incorporates with Syfrets, UAL Merchant Bank and Nedbank Investment Bank and becomes Nedcor Investment Bank (NIB).
On 1 January 2003, its centrale holding company Nedcor Group was created to function as its mother company. This Holding centralised all the the managements from Nedcor, BoE, Nedcor Investment Bank and the Cape of Good Hope Bank under one central executive management committee and on 6 May 2005 renamed itself to Nedbank Group. Its headquarters has since been located in the elite upperclass white English-speaking suburb of Sandton.
Nedbank’s Black Economic Empowerment consortium venture under Jacob Zuma’s council which since Dec 2011 has barred all whites from the SA job market:
Nedbank has recently raised a consortium of investors for a Black Economic Empowerment (BEE) venture led by Kwande Capital (Proprietary) Limited (Kwande Capital), together with Zungu Investments Company Proprietary Limited (Zico), to acquire a 51% shareholding in the Spring Lights Gas (Propriety) Limited (SLG). SLG is a prominent supplier of piped gas to industrial and commercial customers in Kwazulu Natal. It utilises a growing pipeline network that covers major industrial hubs in Durban, Newcastle and Richards Bay. However Zungu Investments is not doing too well lately: and it now appears that its CEO Sandile Zungu has decided on a life of politics: he is a member of President Jacob Zuma’s broad-based black economic empowerment council (BBBEE) which has ‘upgraded’ the country’s labour-laws and barred all whites from the South African job market – by law: