FNB met with the leadership of the ANC, led by its secretary general Gwede Mantashe on Thursday. The bank apologised to the ANC on Friday.
"The CEO of FirstRand, Mr Sizwe Nxasana, agreed that the research clippings that were posted online were regrettable; he apologised for the posting of the research clippings online," the ANC said in a statement.
"He then assured the meeting that this regrettable incident will not be repeated."
The FNB campaign features a number of videos of children in school uniform reading their hopes for the country. Opposition parties and activist groups said the ANC's criticism of the campaign showed its intolerance.
During the meeting, the ANC pointed out that the video clips were a deliberate attack on the ANC.
The clips fed into the opposition narrative that sought to project the ANC and government in a negative manner, it said.
The ANC said the clips had a negative impact on business confidence and could undermine the promotion of investment into the country.
"The ANC indicated that its leadership and membership were strongly raising a question why the organisation should continue to bank with a bank that has adopted an oppositional (sic) stance to it."
Nxasa explained to the ruling party the objectives of their youth campaign and stressed that it was meant to inspire all South Africans to work together by helping one another.
FNB expressed its commitment to the National Development Plan in addressing the areas of poverty, inequality and unemployment, the ANC said on Friday.
Source: Mail & Guardian
Showing posts with label Sizwe Nxasana. Show all posts
Showing posts with label Sizwe Nxasana. Show all posts
Friday, January 25, 2013
Thursday, November 29, 2012
FirstRand to expand its asset management business division
FIRSTRAND plans to grow its asset management business as it widens revenues from business segments that require less regulatory capital.
Group CEO Sizwe Nxasana said on Thursday in an interview the asset management business already had assets under management and administration of about $100bn.
The plan was to progressively grow these assets in South Africa and sub-Saharan Africa over the next few years, Mr Nxasana said at the conclusion of FirstRand’s annual general meeting in Sandton.
The asset management business was being run through Ashburton Investments, a unit of FirstRand.
"We have about R100bn in assets under management or administration. It is a business we think there is opportunity to create more scale by leveraging on the internal skills we have," Mr Nxasana said. "We want to originate business in various asset classes such as equities, real estate and infrastructure in South Africa and Africa," he said.
Mr Nxasana would not say what the target value of assets under management was for Ashburton over the next few years. "We have a base from which to start growing the business but this is a journey rather than a process," he said.
Mr Nxasana also said FirstRand would next year prefer to concentrate on investing in the businesses it had or planned to establish outside South Africa.
"We have projects in Mozambique, Tanzania, Nigeria, Ghana, Zambia and India which gives us more than enough to focus on," he said.
Speaking at the annual meeting, FirstRand non-executive chairman Laurie Dippenaar said the group’s remuneration strategy was neither excessive nor did it reward failure.
Group executives were paid on the basis of them achieving targets such as creating shareholder value by increasing return on equity.
Mr Dippenaar said in FirstRand’s annual report released at the meeting that some global banks produced return on equity that was well below cost of capital but paid executives and staff up to 80% of the return. FirstRand’s return on equity was on the other hand about 20% and it paid out 45% of that to executives and staff.
Source: Business Day
Group CEO Sizwe Nxasana said on Thursday in an interview the asset management business already had assets under management and administration of about $100bn.
The plan was to progressively grow these assets in South Africa and sub-Saharan Africa over the next few years, Mr Nxasana said at the conclusion of FirstRand’s annual general meeting in Sandton.
The asset management business was being run through Ashburton Investments, a unit of FirstRand.
"We have about R100bn in assets under management or administration. It is a business we think there is opportunity to create more scale by leveraging on the internal skills we have," Mr Nxasana said. "We want to originate business in various asset classes such as equities, real estate and infrastructure in South Africa and Africa," he said.
Mr Nxasana would not say what the target value of assets under management was for Ashburton over the next few years. "We have a base from which to start growing the business but this is a journey rather than a process," he said.
Mr Nxasana also said FirstRand would next year prefer to concentrate on investing in the businesses it had or planned to establish outside South Africa.
"We have projects in Mozambique, Tanzania, Nigeria, Ghana, Zambia and India which gives us more than enough to focus on," he said.
Speaking at the annual meeting, FirstRand non-executive chairman Laurie Dippenaar said the group’s remuneration strategy was neither excessive nor did it reward failure.
Group executives were paid on the basis of them achieving targets such as creating shareholder value by increasing return on equity.
Mr Dippenaar said in FirstRand’s annual report released at the meeting that some global banks produced return on equity that was well below cost of capital but paid executives and staff up to 80% of the return. FirstRand’s return on equity was on the other hand about 20% and it paid out 45% of that to executives and staff.
Source: Business Day
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