Quick reads for this week

Tribunal conditionally approves proposed merger between GEPF and Concor Holdings

THE Tribunal has announced that it has conditionally approved the proposed merger wherein the Government Employees Pension Fund (GEPF) intends to acquire shares in Concor Holdings (Concor Holdings) from Southern Palace Group of Companies (SPG) and shares in Concor Holdings from Nicasio (Nicasio).

The Tribunal said it has approved the proposed transaction with conditions that seek to remedy concerns relating to the potential exchange of competitively sensitive information among competitors.

“The GEPF is a pension fund and is not controlled directly or indirectly by any firm. It is statutorily mandated to manage and administer pensions and other benefits for government employees in South Africa.

“It makes targeted investments towards economic infrastructure, social infrastructure, environmental investments, and enterprise development including broad-based black economic empowerment (B-BBEE). The PIC (Public Investment Corporation) is controlled by the South African government and acts as an asset management and investment company for various government entities, including the GEPF,” it said.

FNB forges ahead with powering almost 1000 ATMs with UPS systems

FNB has announced that since its plans to improve the operational resilience of its ATM network across the country by installing over 1 000 standalone ATMs with Uninterruptible Power Supply (UPS) systems, the bank confirmed it has now installed UPS systems at 900 ATMs, with 100 more installations planned for roll-out by the end of June 2024. This means FNB customers will be able to access services even during power outages.

“This progress is in line with the bank’s efforts to grow its presence and investment in local communities. The first phase of the project began in November 2023 with the successful installations at 300 ATMs by the end of the year,” FNB said.

The CEO of FNB Personal Segment, Lytania Johnson, says: “We’re focused on providing service that is helpful, easy, and safe. ATMs remain crucial in ensuring that our customers have access to financial services without having to visit the nearest branch. It is essential that we invest and place the right mechanisms for our devices to be always accessible.”

PERSONAL FINANCE