Company news in brief

Absa in strategic shake-upPan-African lender Absa bank has announced its first strategic shakeup, undoing a prior operational overview first outlined to the market by its former boss, Arrie Rautenbach, who stepped down in October. Absa has communicated the plan to staff, which will see its three South African retail banking units: Everyday Banking, the Product Solutions Cluster, and Private Wealth Banking, combined into a single unit. The new merged unit will be called SA Retail, a demanding segment that competes for general clients with traditional rivals such as Standard Bank, FNB, Nedbank, and newer entrants ranging from Capitec to TymeBank and Discovery Bank. "We are combining our retail South Africa businesses. [It's] not to drive efficiencies, not to drive productivity [or] cost-saving initiative. Ultimately, it's all about the customer," Absa's acting CEO Charles Russon told News24. - Fin24 SARU rejects Ackerly proposalThe South African Rugby Union (SARU) on Friday resolved to reject Ackerley Sports Group's (ASG) private equity proposal that was put up to a vote at a special general meeting in Cape Town. SA Rugby required a 75% vote from the 13 member unions that were able to vote, and with the threshold not met, ASG's bid in its current form has fallen through. Seven of the 13 members with voting rights opposed the proposal, meaning ASG, who were initially identified by SA Rugby's members as their preferred bidder in December last year, can still utilise their exclusivity period that ends at the end of the month to revise their offer. The bidding for the private equity partner has been fraught with difficulties, with the four major United Rugby Championship franchises and their member unions expressing their concerns and displeasures with the deal. - Fin24Goldman Sachs quits coalitionGoldman Sachs said it has quit a sector coalition aimed at aligning bank lending and investment activities with global efforts to fight climate change, marking the latest high-profile departure of a US financial firm from the group. The US investment bank's decision comes against a backdrop of pressure from some Republican politicians who have suggested that membership of the Net-Zero Banking Alliance (NZBA) could breach anti-trust rules. Goldman Sachs gave no explicit reason for its departure but focused on its strategy for the future and a growing push by regulators to make sustainability efforts mandatory. "We have the capabilities to achieve our goals and to support the sustainability objectives of our clients. Goldman Sachs is also very focused on the increasingly elevated sustainability standards and reporting requirements imposed by regulators around the world," it said in a statement on Friday. Banks joining the voluntary NZBA agree to align with the world's aim of reaching net-zero emissions by 2050, set targets to help get them there and publish progress on their efforts each year, something Goldman Sachs said it would continue to do. "We have made significant progress in recent years on the firm's net zero goals and we look forward to making further progress, including by expanding to additional sectors in the coming months," it said. "Our priorities remain to help our clients achieve their sustainability goals and to measure and report on our progress." - Fin24/Reuters

Company news in brief

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Namibian Sun 2025-02-19

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Company news in brief

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Namibian Sun 2025-02-19

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