ANALYSIS OF INVESTMENTS IN SUBSIDIARIES

FOR THE YEAR ENDED 31 DECEMBER
  Group Group Company Company
  Issued
capital		 Effective holding Book value of investments  Net indebted-
ness
  2010 2009 2010 2009 2010 2009 2010 2009
  Rm Rm Rm Rm Rm Rm Rm Rm
Banking**                
Nedbank Limited 27 27 100 100 17 949 17 949 1 839 1 440
Nedbank Namibia Limited (Namibia) 17 17 100 100        
Nedbank Malawi Limited (Malawi)***** 9 10 97,1 97,1        
Nedbank (Lesotho) Limited 20 20 100 100        
Nedbank (Swaziland) Limited 13 12 60,5 67,2        
Fairbairn Private Bank Limited (Jersey)***** 4 5 100 100   246    
Peoples Mortgage Limited 45 45 100 100        
Imperial Bank Limited 4 4 100 50,1        
MBCA Bank Limited (Zimbabwe)***** 1 2 70,9 70,4        
                 
Trust and securities entities****                
Fairbairn Trust Company Limited (Guernsey) 1 1 100 100        
Nedgroup Collective Investments Limited 6 6 100 100        
NedInvest Limited 5 5 100 100 5 5    
Syfrets Securities Limited 1 1 100 100 3 3    
Syfrets Securities Nominees (Pty) Limited * * 99 99        
                 
Other companies****                
Alliance Investments Limited (Mauritius) * * 100 100        
BoE (Pty) Limited * * 100 100 456 456 117 139
BoE Holdings Limited 2 2 100 100        
BoE Investment Holdings Limited 11 11 100 100 4 325 4 324 (1 070) (1 070)
BoE Life Limited 1 1 100 100        
BoE Management Limited * * 100 100     (3 687) (3 687)
BoE Private Client Investment Holdings Limited * * 100 100        
Depfin Investments (Pty) Limited * * 100 100        
Dr Holsboer Benefit Fund * * 100 100        
MN Holdings Limited (Mauritius) * * 100 100 59 46    
NBG Capital Management Limited * * 100 100     1 612  
Nedcor (SA) Insurance Company Limited * * 100 100 5 5    
Nedcor Group Insurance Company Limited – – 100 100 10      
Nedcor Investments Limited 28 28 100 100        
Nedcor Trade Services Limited (Mauritius) 2 2 100 100        
NedEurope Limited (Isle of Man) ***** 2 981 3 104 100 100 1 612 1 403    
Nedgroup Financial Services 104 Limited * * 100 100   5    
Nedgroup Insurance Company Limited*** 5 5 100 100 49 49    
Nedgroup International Holdings Limited                
(Isle of Man)***** * * 100 100        
Nedgroup Investment 102 Limited 6 6 100 100        
Nedgroup Investment Holdings 101 Limited 17 17 100 100 196 196 37 60
Nedgroup Life Assurance Company Limited 15 15 100 100 310 310    
Nedgroup Securities (Pty) Limited 10 10 100 100        
Nedgroup Wealth Management Limited * * 100 100        
NedNamibia Holdings Limited (Namibia) 18 18 100 100 429 429    
NIB Blue Capital Investments (Pty) Limited * * 100 100        
Tando AG (Switzerland)***** 33 34 100 100       71
The Board of Executors * * 100 100     (45) (45)
Other companies * *         (4) (5)
          25 408 25 426 (1 201) (3 097)
* Represents amounts less than R1 million.
** The banking subsidiary companies are restricted in terms of Basel regulations and prudential requirements with regard to the distributions of funds to their holding company.
*** In terms of a dispensation received from the Financial Services Board this company is not allowed to declare any distributions to its holding company.
**** These entities are free of any restrictions imposed on the distribution of funds, save for compliance with any local regulations.
***** The issued capital for these subsidiaries has reduced as a result of the foreign currency reported being translated into rand.
Unless otherwise stated, all entities are domiciled in South Africa.

 

Headline earnings from subsidiaries (after eliminating intercompany transactions):

  2010 2009
  Rm Rm
Aggregate earnings 5036 4743
Aggregate losses 136 466

 

General information required in terms of the 4th Schedule to the Companies Act, 61 of 1973, is detailed in respect of only those subsidiaries where the financial position or results are material to the group. It is considered that the disclosure in these statements of such information in respect of the remaining subsidiaries would entail expenses out of proportion to the value to members. Other subsidiaries consist of nominees, property-owning and financial holding companies acquired in the course of lending activities. A register detailing information in respect of all subsidiaries is available for inspection at the registered office.

Nedbank Group Limited will ensure that, except in the case of political risk, and unless specifically excluded by public notice in a country where a subsidiary is domiciled, its banking subsidiaries, and its principal non-banking subsidiaries, are able to meet their contractual liabilities.