(Incorporated in the Republic of South Africa)
(Registration number: 1986/003934/06)
ISIN CODE: ZAE000013389
JSE CODE: ASA
ABSA CORPORATE AND MERCHANT BANK
MEDIA RELEASE
25 SEPTEMBER 2002
ABSA STRENGTHENS SPECIALISED FINANCE TEAM
ABSA HAS STRENGTHENED ITS CORPORATE FINANCE AND INVESTMENT BANKING TEAM
BY APPOINTING ANDRE LA GRANGE, CEO OF PSG INVESTMENT BANK HOLDINGS
(PSGBH) AND MD OF PSG INVESTMENT BANK LIMITED (PSGIB), AS HEAD OF ITS
SPECIALISED FINANCE DIVISION.
"LA GRANGE`S EXPERIENCE AT SENIOR LEVEL, HIS UNDERSTANDING AND INSIGHT
INTO THE MARKET AND HIS STRONG LEADERSHIP SKILLS WILL ASSIST IN THE
DEVELOPMENT OF A DYNAMIC TEAM, FOCUSED ON INNOVATIVE AND CREATIVE DEAL
STRUCTURING AND CUSTOMER SOLUTIONING," SAYS RUPERT PARDOE, GROUP
EXECUTIVE DIRECTOR AT ABSA CORPORATE AND MERCHANT BANK.
HIS APPOINTMENT FOLLOWS THE COMPLETION OF THE DUE DILIGENCE ON PSG
INVESTMENT BANK IN TERMS OF WHICH ABSA WILL EFFECTIVELY ACQUIRE THE
MAJOR PORTION OF THE ASSETS AND LIABILITIES OF PSGBH, SUBJECT TO
REGULATORY APPROVALS. THE TOTAL PRICE PAYABLE BY ABSA IS R913.8-MILLION.
LA GRANGE WILL HAVE RESPONSIBILITY TO INTEGRATE THE PSGBH ACQUISITION AS
SOON AS THE REGULATORY APPROVALS HAVE BEEN FINALISED.
THE APPOINTMENT, WHICH IS EFFECTIVE FROM 1 OCTOBER 2002, CLEARLY
INDICATES ABSA`S GROWING STRENGTH IN THE CORPORATE AND MERCHANT BANKING
INDUSTRY. "INTELLECTUAL CAPITAL IS THE CURRENCY OF THE NEW MILLENNIUM,
AND MANAGING IT WISELY IS THE KEY TO BUSINESS SUCCESS," SAYS PARDOE.
ISSUED BY LIEZL SQUIER
ACCOUNT EXECUTIVE : ABSA CORPORATE AND MERCHANT BANK
GROUP COMMUNICATION AND PUBLIC AFFAIRS
TEL: (011) 350-4291
FAX: (011) 350-3041
CELL: 083-407-6898
LIEZLS@ABSA.CO.ZA
Date: 25/09/2002 11:45:00 AM Produced by the JSE SENS Department
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