News release
14 February 2002
Sanlam's chief executive, Dr Leon Vermaak addressed a meeting at the Gordon
Institute of Business Science in Johannesburg on 13 February. During
question time, he referred to Sanlam's strategy in offering banking
products. The following statement by Dr Vermaak intends to clarify any
misconceptions of the message and its context:
"With the release of our interim results in September last year, we said
that with our new vision, to be the leader in wealth creation, it was
imperative that we offer banking products and that we were investigating the
options available to us.
"These options include buying a bank - which includes Absa because of our
current shareholding but other banks were also being considered, or building
our own banking products. We indicated at our interim results last year that
we expected to reach a conclusion on these options this year.
"We believe that South African banks are sound and stable and Absa in which
we have a 23% interest remains our primary banking institution. We have and
will retain significant deposits in Absa.
"We will continue building our own banking products through the further
development of the differentiated cash management fund for transactional
capability at Innofin, our joint venture with Macquarie Bank of Australia,
and of our existing insourced private loan products for selected existing
clients.
"Sanlam will continue to assess the options available for access to banking
products which may or may not include a bank," Vermaak concluded.
Ends.
Issued by Frans van Rensburg, Sanlam Media Relations (021) 947-4893
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