Publications
Partners
Durban – The eThekwini Municipality on Tuesday signed a five-year agreement with Nedbank to provide banking services from October 1. The item was first on the agenda on the first executive committee meeting after a three week recess.
City Manager Sbu Sithole said, “Every five years we change banks if needed and for the first time in history we are banking with Nedbank. They offered us competitive bids and we have agreed to bank with them.
City Treasurer Krish Kumar said the city was looking forward to working with the bank.
“We were with Standard Bank for many years and then we changed to First National Bank. We went back to Standard Bank and now we are with Nedbank,” said Kumar.
DA caucus leader Zwakele Mncwango said while proper processes were followed, he questioned why the item had not been brought to exco for discussion before the signing ceremony.
“I feel like we are being held at ransom to sign all the documents,” said Mncwango.
eThekwini Speaker Logie Naidoo explained exco [executive committee] had not been involved in the tender processes.
Deputy mayor Nomvuzo Shabalala said the city was being transparent. “We should be glad that officials were forthcoming with the process. We have not taken part in the adjudication process, this is merely a ceremonial process,” said Shabalala.
DA exco member Heinz de Boer reminded the executive that banks were only interested in making a profit.
After signing the agreement Nedbank CEO Mike Brown said, “We are very proud to be doing transaction banking for this Metro because we know you have a budget in excess of over R30bn. Transactional banking is at the heart of your operations and we promise to uphold services delivery.”
