Resignation of Managing Executive of Business Banking
NEDBANK GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06
JSE share code: NED
NSX share code: NBK
('Nedbank Group' or 'the group')
RESIGNATION OF MANAGING EXECUTIVE OF BUSINESS BANKING
Nedbank Group regrets to announce the resignation of Sandile Shabalala, Managing
Executive of Business Banking with immediate effect. Sandile reported to Ciko Thomas, the
Group Managing Executive for Nedbank Retail and Business Banking, and was a member of
our Group Executive Committee.
Ciko will assume direct leadership responsibility for Business Banking until the successor is
appointed. We have a deep pool of talent in Nedbank and the internal process to identify
Sandile’s replacement is well underway.
Mike Brown, Chief Executive, commented: “Sandile was a valued member of the bank's
leadership community and was at the forefront of the transformational agenda of Business
Banking. On behalf of the Group and RBB Executive committee, we would like to express
our appreciation to Sandile for his contribution to the Nedbank Group.”
2 September 2016
Sponsors to Nedbank Group in South Africa:
Merrill Lynch South Africa (Pty) Limited
Sponsor to Nedbank Group in Namibia:
Old Mutual Investment Services (Namibia) (Pty) Ltd
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