Standard Bank Investment Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration number 1969/017128/06)
("Stanbic")
Stanbic, Liberty Group Limited ("Liberty") and Melville Douglas are pleased
to announce that an agreement has been reached whereby Stanbic will purchase
Melville Douglas, a successful highly personalised private client investment
management business, subject to regulatory approval.
Christopher Melville and Harvey Douglas founded Melville Douglas in 1983.
It has built a substantial client base, has significant assets under
management and is acknowledged as one of the leading private client
investment managers in South Africa. Management has been retained with the
exception of Christopher Melville, an original founder and Chairman of the
business, who has elected to retire.
This acquisition will form a core component of the soon to be launched
joint private banking initiative recently announced by Stanbic and Liberty.
This domestic initiative will complement the Stanbic Group's existing
international private banking capabilities which are centred in Jersey, the
Isle of Man and Hong Kong through the recently announced acquisition of
Jardine Fleming Bank.
Johannesburg
28 June 2001
Merchant bank and sponsor
Standard Corporate and Merchant Bank
(A division of The Standard Bank of South Africa Limited)
(Registration number 1962/000738/06)
Attorneys
Bowman Gilfillan Inc.
(Registration number 1998/021409/21)
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