28 Sep - 3 min read

Nedbank Group and Nedbank – Passing on of Independent Non-Executive Chairman

Nedbank Group and Nedbank – Passing on of Independent Non-Executive Chairman

Nedbank Group Limited                                  Nedbank Limited
(Incorporated in the Republic of South Africa)         (Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06                    Registration No. 1951/000009/06
JSE share code: NED                                    JSE share code: NBKP
NSX share code: NBK                                    ISIN: ZAE000043667
ISIN: ZAE000004875                                     JSE alpha code: BINBK
JSE alpha code: NEDI                                   (‘Nedbank’)
(‘Nedbank Group’)
(collectively the ‘group’)

NEDBANK GROUP AND NEDBANK – PASSING ON OF INDEPENDENT NON-EXECUTIVE
CHAIRMAN

It is with deep sadness that the boards of the Nedbank Group and Nedbank Limited announce the
passing on of Vassi Naidoo, Chairman of the group, on 28 September 2021.

Mpho Makwana, who has been Acting Chairman since Vassi was placed on medical leave of absence
on 22 January 2021, said ‘Vassi brought a wealth of experience and wisdom to the role of Chairman of
the group and he will be greatly missed by all at Nedbank who knew him. He led with deep integrity and
excellence. The Board extends its deepest sympathies to his wife Sheila, daughter Carmeni, and his
extended family.’

Mike Brown, Chief Executive, said ‘Vassi was a remarkable individual who was held in the highest regard
both professionally and personally. As our Chairman, he has made an indelible mark on Nedbank and
during his long career at Deloitte he had a lasting influence on the lives of many young chartered
accountants and the transformation of the accounting profession. We are grateful for his guidance,
leadership and wise counsel. He has always been considered a pioneer in his field and, he used his
position of influence as Nedbank Chairman to bring about positive change and dedicated his time to
finding ways to improve the lives of every South African including being the catalyst alongside Pravin
Gordhan and the late Jabu Mabuza for the CEO Initiative.’

Vassi was appointed to the boards of Nedbank Group Limited and Nedbank Limited as Chairman on
11 May 2015. Vassi was also the Chairman of the WWF Nedbank Green Trust and a member of the
Nedbank Group Directors’ Affairs Committee and the Group Related-party Transactions Committee.

Vassi was Chief Executive of Deloitte Southern Africa from 1998 to 2006, a member of the Deloitte
UK executive from 2006 to 2009 and a member of the Deloitte Global executive from 2007 to 2011, and
thereafter Vice-chair of Deloitte UK from 2009 to 2014. Vassi was a member of the South African Institute
of Chartered Accountants, with honorary lifetime membership granted in 2011 for his contribution to the
development of the profession in SA. He was also a member of the Institute of Chartered Accountants
in England and Wales and a Professor of Practice in the Department of Accountancy at the University
of Johannesburg.

In terms of Nedbank Group’s Board Continuity Programme, our Lead Independent Director, Mpho
Makwana, will continue to serve as Acting Chairman and announcements on a permanent Chairman
and lead independent director will be made in due course.

Sandton
28 September 2021

Sponsors to Nedbank Group in South Africa:
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Merrill Lynch South Africa (Pty) Limited

Sponsor to Nedbank Group in Namibia:
Old Mutual Investment Services (Namibia) (Pty) Ltd

Sponsors to Nedbank Limited in South Africa:
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Investec Bank Limited
Date: 28-09-2021 01:59:00
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