NEDBANK REASSURES INVESTORS

Nedbank Eyethu shareholders can continue to be the bank's shareholders if they transfer recently-acquired shares into a specifically created share trading account.

Nedbank Eyethu shareholders can continue to be the bank's shareholders if they transfer recently-acquired shares into a specifically created share trading account.

Nedbank's Eyethu shares, which are currently in maturity phase, three years after the ground-breaking empowerment scheme was launched, has attracted more than 30000 participants.

The bank said last week that 20 percent of shareholders have so far opted to retain their shares, with 40 percent cashing them in.

"We urge the 40 percent of shareholders to indicate what they would like to do with their shares," says Nedbank managing director Rob Shuter.

He says shareholders were alerted on the approaching end of the 36-month lock-in period.

The initial share offer was based on two pillars: broad- based black empowerment and instilling a culture of saving.

Nedbank believes the Eyethu scheme had achieved both pillars.

"Not only has the scheme assisted the bank in exceeding the ownership targets of the Financial Sector Charter, it has also supported Nedbank's positioning as a bank for all South Africans, paving the way for economic transformation," Shuter says.

He says with the current unstable economic conditions, shareholders are still guaranteed capital protection and one bonus share for every three shares allocated.

To date, the bank has paid out over R60 million to more than 30000 shareholders in dividends.

Shuter says the retail part of the scheme, which is aligned with Nedbank's strategy to grow the bank' s share of the retail and SME market, will be distributing more dividends to shareholders whose shares are approaching maturity.

Shareholders are advised to call the bank's call-centre on 0861-393-633 to check the progress of their shares.

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