Boe Limited - Boe Acquires Offshore Business To Bo
Management And Private Banking Divisions
(Incorporated in the Republic of South Africa)
(Registration number: 1987/003281/06)
Share code: BOE
ISIN code: ZAE000014890
Announcement type: Voluntary disclosure
17 September 2001
BoE ACQUIRES OFFSHORE BUSINESS TO BOOST ITS INVESTMENT MANAGEMENT AND
PRIVATE BANKING DIVISIONS
BoE today announced the acquisition of Stenham Gestinor, an international
private client asset management and trust company, for 32m (R404 million).
The transaction has received regulatory and exchange control approval.
Tom Boardman, BoE chief executive, said the acquisition fits with BoE's
investment management and private banking strategy, as BoE will now provide
South African clients with a more complete offshore product and service
offering. Stenham will enhance BoE's offshore distribution platform for its
existing products, in particular the life company, and add bulk to BoE's
offshore private client asset management business.
Referring to BoE's capital deployment strategy, Boardman stated that this
acquisition and those of the Credcor, Edge and Cashbank businesses earlier
this year, was another step in deploying the Group's excess capital in areas
of key focus. He continued that "BoE's focus on corporate businesses allows
it to provide a wide range of services and business solutions to companies,
high net worth individuals and owners of businesses, as well as their
staff."
Michael Fienberg, MD of Stenham Gestinor stated that becoming part of the
BoE Group provided an exciting opportunity for his group. "We have
established operations in Luxembourg, Switzerland, the UK, Channel Islands
and Israel and are well placed to benefit from being part of a larger group.
All management are staying on with the business and are looking forward to
developing BoE's offshore operations. We believe the association with BoE
will enable us to enhance both the range and the quality of services we
provide to our clients."
Paul Leaf-Wright, Executive Director of BoE and head of the investment
management and private banking divisions said that the Stenham acquisition
would contribute to integrated distribution of products locally and off-
shore and that he expected to see a positive impact on new business and
results in a fairly short space of time. "Through the integration with our
existing Isle of Man operations, we can extract synergies and cost savings
fairly quickly. Furthermore Stenham provides a distribution platform for our
offshore products, which we have lacked up to now. It will also assist BoE
in providing an offshore investment banking platform for its clients."
For more information, please contact:
BoE
Paul Leaf-Wright
+27 21 481 1271 or (mobile) +27 83 775 3646
Don Bowden
+27 21 481 1176 or (mobile) +27 82 555 8721
or
Stenham Gestinor
Michael Fienberg
+44 20 7841 1831 or (mobile) +44 7887 56 3145
email: michael.fienberg@stengest.com
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