Nedbank CIB scores a full house in winning tenders in the Western Cape
Nedbank CIB has been awarded the tender to manage the banking requirements of the City of Cape Town for a period of five years, commencing 1 April 2018. This comes after the bank responded to a Request for Proposal (RFP) published by the City’s administration last year. As Cape Town’s primary banker, the bank will be providing both transactional and custodial services, and mandated sole lead arranger and debt sponsor.
Says Group Managing Executive of Nedbank CIB, Brian Kennedy: “Our holistic approach to providing financial solutions extends to sector expertise in areas such infrastructure, which, we believe, puts us in good stead to work together to address some of the pressing issues facing the City, such as the water crisis.
Added to this, as sole lead arranger, we are excited to be entrusted with the role to guide and advise the City. We look forward to taking up
this opportunity and add sustainable value to the City of Cape Town and its people.”
CIB has scored a hat-trick in the Western Cape with this win. It comes after its appointment as the primary banker for the Western Cape Provincial Government for a third consecutive five-year term, which commenced in April 2017, and after its appointment for a second term as Parliament’s primary banker, which commenced in September of the same year.
The deal also boosts the bank’s base of over 80 clients in central government, local government and the state-owned enterprises. The Mother City is, in fact, the third metro in the country to appoint Nedbank as their primary banker; the other two being the Ekurhuleni Metropolitan Municipality and the eThekwini Metropolitan Municipality.
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