Due to the response, reaction and speculation surrounding the launch of
20twenty, we would like to clarify the structure of the business:
On 21 July 2001 20twenty a division of Saambou Bank, was launched to much
acclaim. 20twenty is a new strategic initiative of Saambou Bank. The
20twenty initiative emphasises Saambou Bank's commitment to broaden its
range of services to the exciting and growing market segment of clients who
seek to conduct their banking over the internet.
The 20twenty brand is an initiative between Saambou Bank and 20twenty
Financial Services (Proprietary) Limited, in which latter company, Saambou
Bank has a 65% interest. The branding initiative has been structured as
follows:
20twenty is a division of Saambou Bank. Saambou Bank manages the risk
associated with 20twenty, including, credit risk, solvency risk, liquidity
risk, interest rate risk, counter party risk and operational risk. All
deposits are made with Saambou Bank and Saambou Bank extends all credit.
Saambou Bank outsourced to 20twenty Financial Services (Proprietary) Limited
the functions of building the required architecture to support 20twenty,
developing and hosting the 20twenty Website, supplying marketing expertise
and advising on products and product related matters.
The 20twenty Financial Services (Proprietary) Limited team is lead by
Christo Davel, who is the Chief Executive Officer. Charles Edwards an
Executive Director of Saambou, takes overall responsibility of the Division
in Saambou.
All indications are that the 20twenty launch has been an outstanding success
with significant and ongoing public interest. All expectations have been
exceeded.
Saambou Bank believes that the 20twenty initiative will have a positive
effect on Saambou and all its stakeholders. Any queries in this regard can
be directed to HJ Dreyer Divisional Chief Executive of Saambou Groups
Strategic Services.
Saambou Holdings Limited 20twenty Financial Services
(Proprietary) Limited
(Registration Number 1987/004170/06) (Registration Number
2000/002482/07))
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
