Nedbank has lowered the minimum income needed to get a credit card to R5 000. The company wants to increase its credit card market share to 16%.
State rail and port operator Transnet has said legal action against Nedbank is imminent over a long-running dispute over interest rate swap deals it signed with the bank on the advice of Gupta-linked Regiments Capital, a process it believes was tainted by corruption.
Transnet says Nedbank has a case to make and will take steps to have the matter heard in court after mediation efforts between the two sides collapsed and no settlement was reached on the disputed transactions. Nedbank announced on Tuesday that it had been unable to find common ground with Transnet on the matter. It says Transnet is trying to blame it for failures in Nedbank's governance process.
“Transnet will shortly commence legal proceedings against Nedbank which will provide evidence of Transnet's claims,” Transnet said in an evening statement after Nedbank first commented on the mediation collapse on Tuesday.
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