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NEDBANK GROUP LIMITED - Nedbank Group Limited and Nedbank Limited - Changes to the Boards of Directors

Release Date: 26/09/2018 15:30
Code(s): NED NBKP     PDF:  
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Nedbank Group Limited and Nedbank Limited - Changes to the Boards of Directors

NEDBANK GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06
JSE share code: NED
NSX share code: NBK
ISIN: ZAE000004875
(‘Nedbank Group’ or ‘the Group’)

NEDBANK LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1951/000009/06
JSE share code: NBKP
ISIN: ZAE000043667
(‘Nedbank’)

(collectively, ‘the Companies’)

NEDBANK GROUP LIMITED AND NEDBANK LIMITED – CHANGES TO THE BOARDS
OF DIRECTORS

Shareholders are referred to the announcement by Old Mutual Limited (‘OML’) on 26
September 2018 regarding the unbundling by OML of a significant portion of OML’s
shareholding in Nedbank Group (‘the Unbundling’). OML has resolved to implement the
Unbundling on 15 October 2018, through the distribution of approximately 31,73% of the
issued shares of Nedbank Group to OML shareholders, whilst retaining a strategic minority
stake of 19.9% of the issued share capital in Nedbank Group in its shareholder funds to
underpin the continuing relationship and commercial benefits between the two organisations.

In accordance with clause 6.1 of the relationship agreement concluded between OML and
Nedbank Group, as announced on SENS on 20 April 2018 and published on the Nedbank
Group website (www.nedbankgroup.co.za), shareholders are advised that Ian Gladman and
Rob Leith will step down as non-executive directors from the boards of the Companies with
effect from 15 October 2018.

Nedbank Group Chairman, Vassi Naidoo, thanked both Ian and Rob for their exceptional
service and commitment to the Companies, noting that Nedbank Group had benefited greatly
from their banking expertise and understanding of the wider financial services industry in
Africa, and wished them well in their future endeavours.

In accordance with our board succession plans, the Nedbank and Nedbank Group boards
have been engaging with potential board candidates, and announcements will be made in
due course.


Sandton
26 September 2018

Sponsors to Nedbank Group in South Africa:
Merrill Lynch South Africa (Pty) Limited
Nedbank CIB

Sponsor to Nedbank Group in Namibia:
Old Mutual Investment Services (Namibia) (Pty) Ltd

Date: 26/09/2018 03:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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