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Update on the Transnet SOC Limited Dispute Regarding Interest Rate Swap Transactions
Nedbank Group Limited Nedbank Limited
(Incorporated in the Republic of South Africa) (Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06 Registration No. 1951/000009/06
JSE share code: NED JSE alpha code: BINBK
NSX share code: NBK
A2X share code: NED
ISIN: ZAE000004875
JSE alpha code: NEDI
('Nedbank Group')
(collectively the 'group')
UPDATE ON THE TRANSNET SOC LIMITED DISPUTE REGARDING INTEREST RATE SWAP
TRANSACTIONS
Shareholders are referred to the disclosures contained in the Nedbank Group 2023 Integrated Report
published on 18 April 2024 (available online on the group's website at nedbankgroup.co.za) regarding
Nedbank's ongoing engagements with Transnet SOC Limited ('Transnet') concerning interest rate swap
transactions that took place between December 2015 and March 2016 ('swaps'), on which Regiments
Capital (Pty) Ltd had acted as Transnet's appointed financial advisers. Shareholders are also referred
to the group's media release dated 28 May 2024 and the Nedbank Group Voluntary trading update for
the four months ended 30 April 2024 on SENS dated 31 May 2024, noting the termination of the
mediation process with Transnet and Nedbank's position on possible litigation.
In this context, Nedbank confirms that review proceedings have been served on it by Transnet and the
Special Investigating Unit ('SIU') in respect of the swaps. Considering internal and independent external
reviews commissioned by them, the Nedbank Board and management remain satisfied that Nedbank
internal governance procedures were followed in respect of these swaps and that there is no evidence
of any Nedbank staff dishonesty, corruption or collusion. The joint media statement by Transnet and the
SIU of 26 July 2024 which states that Nedbank profited in excess of R2,736,094,704.82 in respect of
the swaps is incorrect. The sales margin earned by Nedbank in respect of the swaps was market related
and amounted to less than R43million. The swaps were commercially sound and the return on equity
earned by Nedbank was fair, reasonable and appropriate at 15,5% over the life of the transactions.
Nedbank will strongly defend the litigation against it and will pursue its counterclaims against Transnet
and others.
Sandton
26 July 2024
Enquiries
Nedbank Group Investor Relations:
Email: NedgroupIR@nedbank.co.za
Alfred Visagie (Head: Investor Relations)
Email: Alfredv@nedbank.co.za
Sponsors
Sponsors to Nedbank Group in South Africa:
Nedbank Corporate and investment Banking, a division of Nedbank Limited
Merrill Lynch SA Proprietary Limited t/a BofA Securities
Sponsor to Nedbank Group in Namibia:
Old Mutual Investment Services (Namibia) (Pty) Ltd
Debt Sponsor to Nedbank Limited:
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 26-07-2024 04:18:00
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