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Beitbridge border post gets SA bank loans for revamp


Beitbridge border post gets SA bank loans for revamp
By Roxanne Henderson and Ray Ndlovu
(Bloomberg) – Lenders including Standard Bank Group and FirstRand provided $130m (R1.8bn) of loans for an upgrade of Southern Africa’s busiest border crossing.
A syndicate of banks comprising Rand Merchant Bank, ABSA, Nedbank and Standard Bank availed part of the USD 300 million for the redevelopment of Beitbridge Boarder Post. This shows confidence in the Zimbabwe economy, and future growth in regional trade activity.
The financing for the Beitbridge border between South Africa and Zimbabwe includes the $130m commercial debt tranche arranged by FirstRand’s Rand Merchant Bank unit, Standard Bank, Absa Group and Nedbank Group, according to an article paid for by RMB and published by Johannesburg-based website BusinessLive. It also includes a $65m development-finance institution tranche from Afreximbank and the Emerging Africa Infrastructure Fund. ....

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Nedbank denies complicity in S.Africa corruption, shares fall


By Reuters Staff
2 Min Read
JOHANNESBURG, Feb 8 (Reuters) - South Africa’s Nedbank denied any wrongdoing on Monday after three local news sites reported on its links to a scandal that led to large losses at public entities, sending the bank’s shares down almost 9%.
Investigative outlet amaBhungane, the Daily Maverick and News24 said Nedbank paid billions in rand in fees to a company called Regiments Capital for involving it in deals that lost money for municipalities and state-owned companies.
The article published by the three news sites said the commissions were often not disclosed to clients Regiments was supposed to be advising impartially and that Nedbank knew or should have known this, among other allegations. ....

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Nedbank chairman takes sick leave


Nedbank chairman takes sick leave
Lead independent director Mpho Makwana will become acting chairman until Naidoo’s return
BL PREMIUM
22 January 2021 - 19:54 SISEKO NJOBENI
Nedbank chairman Vassi Naidoo will be taking a leave of absence with immediate effect to focus on treatment for a medical condition, the company said on Friday.
The bank said the Naidoo’s medical condition was unrelated to Covid-19. ..
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