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Nedbank has added its Corporate and Investment Bank head Brian Kennedy to Ecobank Transnational in an attempt to stem losses at its 21.2%-held associate, which led SA’s third-largest bank by assets to report its first contraction in earnings since the global financial crisis. Ecobank reported a $427.4m loss in the final quarter of 2016, offset by a $51m profit in the first quarter of 2016. Because Nedbank books its share of the pan-African lender’s profit or loss a quarter later, this translated into a R1.2bn loss from Ecobank for the half-year to June, dragging interim headline earnings down 2.9% to R5.2bn. Excluding Ecobank, Nedbank’s headline earnings rose 6.7% for the period to June. The bank last posted a decline in interim earnings in the first half of 2009, during the global financial crisis, when earnings fell 32.4% to R1.98bn. Kennedy’s appointment is subject to regulatory approval, and he will join Mfundo Nkuhlu, the head of Nedbank’s businesses in the rest of Africa. Nkuh...

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