Nedbank maintains B-BBEE rating for the fifth year
10 March 2014 | Company News & Results | General | Thulani Sibeko, Nedbank
Nedbank’s progressive transformation efforts have enabled the group to maintain a Level 2 Broad-Based Black Economic Empowerment (B-BBEE) rating, for the fifth consecutive year.
Nedbank continues to be rated amongst the most transformed companies on the Johannesburg Stock Exchange (JSE) under the Codes of Good Practice (DTI codes).
"The rating attests to our on-going commitment and contribution to the socio-economic transformation of our country. We will continue to work even harder to ensure that we make meaningful transformation happen” said Thulani Sibeko; Group Executive for Marketing, Communications and Corporate Affairs at Nedbank.
Recognising the unique position and contribution of financial institutions in South Africa, Empowerment Financing and Access to Financial Services were the two elements introduced specifically for the financial sector to ensure more accountability to the areas where the sector has direct influence and impact, beyond the generic elements which all organisations must comply with under DTI codes.
Since 2009 Nedbank has provided more than R17 bn of debt financing, credit extension, or equity investments to various Targeted Investment activities which include Transformational infrastructure, Black SME, Black Agriculture and Affordable Housing financing. Over the past four years, the bank opened more than 220 retail banking outlets and increased its ATM footprint by 1529 (or 83%) across the full spectrum of South African communities. This means that Nedbank’s retail banking footprint has grown by 41% to almost 763 outlets across the country, reaching 10,000 more suburbs than in 2009.
The rating is truly symbolic of Nedbank’s efforts particularly through the Nedbank Eyethu Share Scheme launched in 2005, which saw a net value growth of more than R6.7 billion, with R2.3 billion having already accrued free of any debt to the participants. In addition, over R747 million has been paid out in dividends.
As the country prepares to reflect and celebrate 20 years of democracy, Nedbank appreciates the growing imperative by companies to eloquently support the national agenda in driving transformation as a key contributor towards achieving a thriving sustainable society.
