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Johannesburg - FirstRand [JSE:FSR] chief executive Sizwe Nxasana said on Tuesday the bank had lent more than R200m to troubled construction firm First Strut (First Tech).
"It really depends on the whole liquidation process," Nxasana said when asked how much of that money FirstRand expected to recoup.
Earlier, it was reported that Investec, Nedbank and Sanlam had exposure to the failing firm.
Investec spokesperson Ursula Nobrega said the bank had lent First Strut R240m.
The loan was "fully secured on underlying collateral, which is predominantly property", she said.
Its asset management arm had exposure to First Strut's bonds, she said, without giving further details.
Lender Nedbank and insurer Sanlam also confirmed exposure to First Strut, but declined to give further details.
"It really depends on the whole liquidation process," Nxasana said when asked how much of that money FirstRand expected to recoup.
Earlier, it was reported that Investec, Nedbank and Sanlam had exposure to the failing firm.
Investec spokesperson Ursula Nobrega said the bank had lent First Strut R240m.
The loan was "fully secured on underlying collateral, which is predominantly property", she said.
Its asset management arm had exposure to First Strut's bonds, she said, without giving further details.
Lender Nedbank and insurer Sanlam also confirmed exposure to First Strut, but declined to give further details.
