Coronation and Nedbank CIB deliver landmark BBBEE deal

Nedbank Corporate and Investment Banking (CIB) has advised Coronation Fund Managers on a broad-based black economic empowerment (BBBEE) transaction that positively impacts and contributes to transformative business practices in the sector. This landmark transaction highlights Coronation’s commitment to BBBEE and is a natural progression in its transformation journey.

“This transaction is a testament to Coronation’s commitment to meaningful BBBEE outcomes and inclusive growth. By increasing our black ownership to over 51%, we are not only exceeding regulatory requirements but also driving meaningful change for our employees, shareholders and communities,” says Anton Pillay (pictured), CEO of Coronation. “The invaluable role played by Nedbank CIB as our corporate finance adviser and transaction sponsor exemplifies how strategic collaboration can lead to transformative outcomes.”

The deal increases Coronation’s black ownership to over 51%, cementing its leadership in the financial sector and aligning its operations with transformative goals. Achieving several key objectives, this transaction benefits its employees, shareholders and communities – proving that commercial success can drive positive change.

Nedbank CIB worked closely with Coronation and its other advisers to provide strategic corporate advice and transaction sponsor services to satisfy a range of client, BBBEE, financial and regulatory objectives and requirements.

“This transaction shows how meaningful transformation and business growth can go hand in hand,” says Mark Beyers, principal at Nedbank Corporate Finance. “We worked closely with Coronation and its other advisers to structure a bespoke solution that achieved the transaction’s objectives.”

At the heart of the transaction are two trusts: The Imbewu Trust facilitates employee share ownership via an employee share ownership scheme, enabling participating black employees to directly benefit from the company’s success and create congruency with shareholder interests. The Ho Jala Community Trust will support a range of black beneficiaries through selected public benefit organisations, extending the transaction’s impact to communities. Together, these trusts ensure the transaction’s benefits are felt beyond Coronation’s immediate operations.

For Nedbank CIB, the transaction underscores its expertise in delivering bespoke solutions to achieve high-impact outcomes. Through its partnerships across critical sectors such as financial services, energy, infrastructure and mining, Nedbank CIB continues to drive innovation and create value in the markets it serves.