Financial services group Nedbank is on the verge of buying enX’s fleet management business, Eqstra, in a deal worth about R1bn, bolstering its fleet management capabilities three years after Bidvest failed to buy Eqstra.

Ciko Thomas, managing executive of retail and business banking, said the deal, which is subject to regulatory approvals, will enhance and complement Nedbank’s fleet management business offering and will benefit both entities’ existing and future client base...

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