SAAMBOU BANK DISPOSAL PROCESS
SAAMBOU BANK LIMITED
(UNDER CURATORSHIP)
(Registration number 1987/005437/06)
ANNOUNCEMENT REGARDING DISPOSAL PROCESS FOR SAAMBOU BANK LIMITED
In the execution of his duties, John Louw, the curator of Saambou Bank
Limited ("Saambou Bank") instituted a rapid but structured process for
the disposal of the bank and/or its entire business for the benefit of
all stakeholders. Monday 18 March 2002 was the last day for submission of
offers.
The environment in which offers were initially solicited has changed
significantly and by 18 March 2002 developments in the banking sector
have necessitated changes in the business models and strategies of
potential bidders.
Consequently, no binding offers for the bank or its entire business have
yet been received. The curator has entered into sensitive negotiations
and is considering all options aimed at finding the best solution for
Saambou
Bank's depositors.
These options include internationally accepted solutions, being:
* a public/private sector partnership to restructure Saambou Bank and
facilitate its eventual return to the private sector,
* a structured piecemeal disposal of assets.
The curator will announce his decision and the anticipated roll-out of the
process decided upon in due course. At this stage, the curator is not in a
position to give an indication when access to all funds can be provided to
Saambou Bank depositors. However, further interest payments will be made.
The payment of a further portion of interest will be announced in a paid
advertisement carried by the Sunday press on 24 March 2002.
John Louw
Curator
20 March 2002
KPMG
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