Nedbank Group - Change of Board of Directors

RNS Number : 1470T

Old Mutual PLC

24 March 2016

 

Old Mutual plc

Ref 222/16

24 March 2016

nedbank group and nedbank limited - change to board of directors

Nedbank Group and Nedbank Limited, the majority-owned South African banking subsidiary of Old Mutual plc, released an announcement today, 24 March 2016, regarding the change to their board of directors.

The following is the full text of Nedbank Group's announcement:

"The boards of Nedbank Group and Nedbank ("the Companies") are pleased to announce the appointment of Mr Errol Melville Kruger as an independent non-executive director of the Companies with effect from 1 August 2016.

Mr Kruger, aged 59, has extensive regulatory, banking and financial services experience.  From September 2003 to July 2011 Mr Kruger was the Registrar of Banks at the South African Reserve Bank (SARB), having been with the SARB from July 1978 until July 2011. As the Registrar of Banks, he represented South Africa as a full member of the Basel Committee on Banking Supervision from 2009 to 2011 and he successfully project managed South Africa's early adoption, and full implementation, of both the revised 25 Basel Core Principles for Effective Banking Supervision as well as Basel II. Mr Kruger was appointed Managing Director of Supervision and Authorisation at the Qatar Financial Centre Regulatory Authority on 1 August 2011 whereafter he was also appointed by the Board of the Qatar Central Bank to serve on Qatar's Financial Stability and Risk Control Committee.  He will relinquish his role at the Qatar Financial Centre Regulatory Authority on 31 July 2016.

Mr Vassi Naidoo, Nedbank Group Chairman, extended a warm welcome to Mr Kruger and said: "The Nedbank Group Board looks forward to working with Mr Kruger.  His vast knowledge of banking, and his experience in implementing international world-class regulatory frameworks will be of benefit to the Nedbank Group."

Enquiries

External communications

Patrick Bowes                           UK        [phone]

Investor relations

Dominic Lagan                           UK        [phone]

Sizwe Ndlovu                             SA        [phone]

Media

William Baldwin-Charles                         [phone]

                                                            [phone]

Notes to Editors

Old Mutual provides investment, savings, insurance and banking services to 18.9 million customers in Africa, the Americas, Asia and Europe. Originating in South Africa in 1845, Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.

In the year ended 31 December 2015, the Group reported adjusted operating profit before tax of £1.7 billion (on an AOP basis) and had £304 billion of funds under management from core operations (excluding Rogge).

For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com 

 

END

 

 

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